Back to College Tips

Back to College Tips

Recently, I was walking through our local Target, and I realized that in a few short weeks the store will be full of back-to-school supplies! Where did the time go? While most of the focus is on K-12 kids going back to school, you should keep some important things in mind when your child heads off to college, as well.

Ten years ago, I had a client with an out-of-state college student. Unfortunately, the child got into a car accident, and his college roommate called to tell the parents that their son was going into surgery. However, when the parents called the hospital, they couldn’t get any information.  They were simply told that their son was an adult, and the hospital would need his express permission to release any health care information. The parents panicked and embarked on a seven-hour car ride, scared of what they might find when they arrived. Luckily, the surgery was relatively minor, and their son was fine.

If the parents had obtained a legal document allowing the hospital to release medical information about their child prior to the accident, they could have received timely information. This issue was especially worrisome during the COVID world we were living in. For this reason, we highly recommend your adult children sign an Advanced Directive before they go to school. In fact, we recommend this measure for any adult children for whom you would like access to their medical records.

The Advanced Directive is a relatively simple form that requires your adult child’s signature as well as a few witnesses. Every state has their own version. Here is a link to the Georgia document that you can download

As your kids head off to college, take advantage of any 529 education accounts set up for the child. These are just a handful of types of expenses that can be considered “qualified”; please see our article,  How You Can Use A College 529 Plan, for a more detailed list:

• Required tuition, fees, books, and supplies
• Room and board expenses, which include meal plans purchased through the school
• Computers, software, and peripheral equipment

Please stay safe and healthy, and we wish your child a successful school year!

As always, your Bluerock team is delighted to answer any questions you may have.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC member FINRA and SIPC. Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material is not intended or written to provide and should not be relied upon or used as a substitute for tax or legal advice. Information contained herein does not consider an individual’s or entity’s specific circumstances or applicable governing law, which may vary from jurisdiction to jurisdiction and be subject to change. Clients are urged to consult their tax or legal advisor for related questions.