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What are some concerns for children over 18?

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William Conway
Law Offices of William Conway
www.conway-law.com  
703-448-7575

William A. Conway, J.D., in a professional career as a tax attorney, investment banker, and legal educator, serves his clients with both financial and legal counsel. A graduate of Georgetown University Law Center, he is a registered investment advisor and tax attorney included in both Who's Who in Finance and Industry and Who's Who in American Law. Mr. Conway is also a member of the bars of the Commonwealth of Virginia, District of Columbia, and the State of Maryland.

His practice is dedicated to building wealth enhancement strategies for his client families' estates and businesses, using far-reaching, advanced planning to achieve preserved wealth for generations. The firm's priority is our relationship with our client families and their personal, professional and estate goals.

Mr. Conway was an Adjunct Professor of tax law at George Mason University School of Law, where he taught law for five years and has lectured at Georgetown University Law Center. He annually teaches continuing education courses on estate planning and wealth preservation for attorneys, financial planners, and accountants.

A founding member of WealthCounsel, LLC , he serves as chairman of the Legacy Consulting Group and is a member of the National Academy of Elder Care Law Attorneys. In addition, Mr. Conway serves on the Greater McLean Chamber of Commerce and is President of the McLean Symphony, McLean, Virginia.

Invited for guest appearances on television programs such as "The Money Makers" on PBS, Mr. Conway also created and hosted the radio series, "Legacy," for many years on Washington Business Radio. You may now hear him on his new show, "Family Fortunes" on WTNT 570 AM Radio in the Washington Metro area each Saturday morning.

Generations, an updated companion book to the original "Legacy" radio show, is a 500+ page, hard-backed book, indexed by subject, and includes every aspect of estate planning.

What are some concerns for children over 18?

In this video series, William Conway explains the basics of estate planning.

This series: 35,551 views

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Transcripts

Host: What are some concerns for children over 18?

William Conway: Well, one will have concerns if children over the age of 18 for two reasons. The first is of course, that we still have to select the age at which children would ordinarily be capable of managing their own money affairs. One could select the age of 25 or 30, having an adult, an uncle or a friend, a bank or financial institution be the person who would be managing the money prior that time would be a selection that would be up to the parents. But one of the areas that most people overlook is when we have young adults, when we have children going off to college, in that set of circumstances; we once again are out of control. There was a time when colleges would send back grades, there was a time when parents had a reasonable expectation that should their child be involved in an accident or some concern over their health and that child could not him or herself direct their own healthcare, that the parent would make those decisions, but once again, on the absence of a plan and in this case the plan must be written or read to by the child to allow the parents to make the healthcare decisions. So, anybody who is sending a young child off to school, an adult, near adult child off to school needs to have that child sign an Advanced Healthcare Directive or healthcare power of attorney in order to be able to allow the parent to make medical decisions for the child, should the child be injured or otherwise unable to direct his or her own healthcare decisions.

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