Congratulations on your child reaching the Age of Majority. As they are becoming fully emancipated adults, at least in the eyes of the law, I wanted to make you aware of some best practices to keep everyone safe.
What are key “Must Do” items when reaching the Age of Majority?
Execute an Advance Directive for Healthcare, with three key components:
Execute a Power of Attorney (aka “Financial POA”)
Provide Copies (or Originals) of Key Documents
Register for the Draft, If Required
Potential additional “Good To Do” items for your child include:
Please do not hesitate to contact me in case of further questions. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
Congratulations on your child reaching the Age of Majority
January 17, 2024