Artificial Intelligence (AI) - by now, we’ve all heard of it. Some readers are using generative AI tools like ChatGPT. Others are familiar with the high-flying AI stocks that pushed the market to new highs in 2024.
The reality is that AI has been around for a long time, particularly in the financial world. Leading financial planning software platforms have leveraged Artificial Intelligence for years to improve speed and accuracy, and our preferred software solutions are no exception.
What is financial planning software?
Financial planning software generates projections based on an individual’s circumstances and goals. Key inputs include income, assets, debts, and spending plans. Just as important are the qualitative factors that shape financial decisions - retirement timing, life expectancy, and estate planning objectives.
Using this information, the planning software models long-term scenarios, creating a foundation for discussion, action, and adjustment in a person’s financial journey.
What questions can financial planning software answer?
As your child becomes a legal adult at age 18 and prepares to embark on their life journey, it’s crucial to ensure that they have the proper legal documents in place. While this is a time of newfound independence, young adults still need essential documents to manage health, finances, and other vital matters. Parents should play an active role in ensuring their children have the necessary paperwork to navigate any emergencies or legal situations that may arise as their journey begins.
Here is a summary of the key legal documents young adults should have in place:
- Medical Documents and Authorizations - Health and well-being are always top priorities, especially when students leave home. The following medical documents are essential:
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- HIPAA Authorization Form: This document allows medical professionals to share your child’s health information with you in case of an emergency. It ensures that you can be kept informed about your child’s condition, even when they are away at college.
- Medical Power of Attorney: If your child cannot make medical decisions for themselves, a Medical Power of Attorney designates someone (typically a parent or guardian) to make healthcare decisions on their behalf. It is advisable to choose both a primary and backup agent.
- Living Will: A Living Will outlines your child’s wishes regarding end-of-life medical decisions if they are unable to communicate their preferences. Discussing these wishes with family members ahead of time helps avoid potential conflicts.
