Checklist: What Issues Do I Need to Consider as My Child Becomes Independent?

Many parents wonder how their own finances will change as their children become independent. Where should you draw the line with your children? What level of involvement and/or support should you maintain with your children? What are some planning points that you, as a parent, need to be aware of, and how can you make smart decisions that benefit yourself/spouse and your children?

There are steps you can take now, and in the future, to help keep yourself on track for personal and financial success as your children become independent.

This checklist covers key issues parents should consider as your children become independent, such as:

  • Maintaining access to your child’s important health, financial, and academic information.
  • Understanding how your financial goals may change (or need to be revisited) once your child leaves the house and becomes independent.
  • Determining the extent to which your child will remain commingled with your finances as they become independent (e.g., taxes, health insurance, auto insurance, gifting, etc.).
  • Evaluating the level of risk/liability your child may pose to your own finances.

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.

The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.  

Published for the blog on May 6, 2024 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.