By Dave Coen
It might seem like just another day older, but (Legally) when our kids turn 18 there are a LOT of things that they can now do, and as parents, we need to be prepared for this. Their 18th birthday is a date when there are some serious changes that take place and we as parents need to be aware and to plan for those, and then communicate with our kids about these changes.
Yes, my bet is that they will still want us to feed them, but they can now get a piercing or tattoo or book a hotel room without your consent. Yes, there is freedom, but also responsibility that could have serious consequences and it is our job to help communicate these things.
Voting
One of the first things that come to mind is that they can now vote and will need to register in order to do that. (It’s not a problem for my kid to vote, but it’s scary that crazy Joey down the road can now vote for people to control our country. 😊)
Selective Service Registration
This affects all men aged 18 – 26. If they fail to register, they can be charged with a felony punishable by up to 5 years in prison or a $250,000 fine. Anyone who knowingly advises or assists them in failing to comply could be subject to the same penalties.
For College – In order to be able to get any financial aid or federal and state employment or US Citizenship, men must complete the Selective Service Registration
Privacy, Grades and Health
HIPAA (Health Insurance Portability and Accountability Act of 1996) has provisions to protect the privacy of our health information. Once they turn 18, even if our kid is still on our health insurance, we cannot get information from health practitioners without a HIPAA release to give this information to parents. Make sure you have a HIPAA release applicable to the state that they are studying in as some states vary in their form requirements.
A Healthcare Power of Attorney could be vital when least expected, and this gives parents permission to make medical decisions if a student is unable to make these decisions on their own. Imagine your student being admitted to hospital and you as the parent cannot make vital decisions for them when they are incapacitated.
A Living Will or Advance Healthcare Directive gives guidelines on things such as Organ Donation, Pain Management, Life Extending Treatment, and end of life wishes. We don’t really want to think about needing these for our students, but we will be so glad that we prepared for this if needed. These documents should be easily accessible or stored online to have access at a minute’s notice. Sometimes these are ignored because our students think that they are young, strong, and invincible. They assume that nothing could ever happen to them. The reality is that we all should have completed these and updated them from time to time. Perhaps this is a reminder for us as parents to revisit our Wills and Trusts to make sure all are in order.
FERPA (Family Educational Rights and Privacy Act of 1974) protects a student’s privacy of educational records like their GPA, attendance records, course schedule, billing records, etc. How would you like to pay for your kid’s college, but not be able to know if they are attending class, what their grades are, or be able to assist them with maintaining good health?
Once they are 18, unless your student gives you permission, you cannot have access to this information. I encourage every parent to have a discussion with their kids about getting a FERPA release authorization which will give you access to vital information. Yes, they might legally be adults at 18, but do you really want to be in the dark if your kid is struggling at school or gets arrested or is not attending class or needs help and you are oblivious to it all.
About Dave
Dave Coen is a Retirement Income Certified Professional (RICP®) and Financial Advisor with SageView Advisory, and CEO of College Planning America. Along with his retirement financial industry experience, he is a College Planning Specialist. He works closely with individuals and families to provide comprehensive financial planning that addresses all elements of their financial picture. Learn more by connecting with Dave on LinkedIn. Please feel free to contact me if you would like to discuss how we can help you with your family’s plan either in person, over the phone, or on Zoom
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