Extended 1040 Returns
August 30, 2023
Retirement Plan Changes
October 5, 2023
Every parent needs a signed power of attorney before they kiss their teen goodbye.
A power of attorney, or POA, is a legal document every parent should have their 18-year-old sign that would give the parent immediate authority to access medical and financial information and handle those issues on behalf of the teen.
Without a POA, parents may not be able to help their kids if they need help. Even if parents still view their 18-year-olds as their babies, the law sees them as adults. And under privacy laws, parents will no longer have the right to make medical or financial decisions on behalf of the teens, regardless if the parents pay tuition, carry their children on their medical insurance, or provide other financial assistance.
So please make sure you have one for your child -it may save a lot of headaches if, heaven forbid, you need to use it.
