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.