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USA Today
30-07-2025
- Business
- USA Today
5 forms you should make your child sign before they leave for college
'Happy 18th birthday, kid! Now, sign these forms.' A birthday party might not be the right moment to broach the issue. But some time after your child turns 18, experts say, you should present them with a stack of legal and financial documents to sign. They're still your kids. But when they turn 18, they are also adults. And that means you no longer have access to large portions of their life, at least not without their consent. Your child may be heading off to college this fall. That life change raises a whole new set of potential legal barriers between you and your kid, who is now a legal adult, or soon will be. It's quite possible your adult child won't want to sign any of their newfound freedoms over to you. Even so, experts say, you should make an effort. Print out the forms, sit down with them and try to talk them into signing. You'll thank yourself later. Maybe they will, too. Here, then, are five documents to have around when your child turns 18. FERPA authorization The Federal Educational Rights and Privacy Act governs access to your child's educational records. When they turn 18, you are no longer privy to most of them without your child's consent. FERPA has halted many parents from accessing basic information from the institution that is cashing their tuition checks, experts say. 'Even if you're paying 100% of the educational expenses for your child, you legally have no right to look at their transcript, even to look at their tuition bills,' said Leila Francis, national head of fiduciary advisory services at BMO Wealth Management. A signed FERPA form allows parents to access all the educational documents at the school's disposal, including tuition bills and transcripts. Without it, you may wind up begging your adult child to go online and deal with forms, fines and financial aid appeals, tasks that would be challenging enough for a parent. 'It allows parents to still have access to financial data, grades, schedules, things like that. Important stuff,' said Ben Rizzuto, wealth strategist at Janus Henderson Investors. 'Because, if we're honest, I'm still footing a large part of the bill here,' he said. 'I have some skin in the game. So, it's important that I and other parents know what's going on.' HIPAA authorization The Health Insurance Portability and Accountability Act bars healthcare providers from sharing most medical records with unauthorized people. After your kid's 18th birthday, that means you. 'It's counterintuitive, but a parent, once a child turns 18, isn't automatically entitled to receive healthcare information about a child,' said Bob Petix, a senior wealth strategist at Wells Fargo Bank. A HIPAA release allows parents to access basic information about adult children if they are hospitalized. It might be difficult to contemplate, but many students are admitted to hospitals or mental health facilities at some point in their college careers. 'Serious things can happen,' Francis said. 'The parent has absolutely no right to information.' Advance healthcare directive This document 'does two things,' Wells Fargo explains in a primer on legal documents for adult children. 'It appoints an agent who can make medical decisions on behalf of your child when they are unable to do so and gives directions for the care they want to receive in different situations.' An advance healthcare directive wouldn't take effect unless your adult child were incapable of making decisions on their own. That's an unlikely scenario, but not impossible. 'Parents don't want to think about their child incapacitated or dying, but these things unfortunately happen,' Rizzuto said. Power of attorney forms Power of attorney allows you to make decisions and access records on your adult child's behalf. Financial power of attorney covers financial records and decisions, while medical power of attorney grants access to medical records and decisions. (A HIPAA release gives you access to medical records, but it does not empower you to make medical decisions for an adult child.) Financial power of attorney matters more if your child has assets. 'They could own a bank account,' Petix said. 'They could own investment accounts. The ability to name someone to act on your behalf in respect to your finances is not insignificant.' A simple will Probate experts say every adult should have a will. An 18-year-old may not need a will, but the document becomes important once they have assets that would pass to someone else upon their death. 'Does an 18-year-old need a will? Not unless they have significant assets,' Francis said. 'But as they move out, they're going to start building assets.' When someone dies without a will, the local courts take over. And probate laws differ from one state to the next. 'If you don't have a will and you die, any assets you own in your name will pass under the state law,' Petix said. 'And sometimes that's not consistent with your wishes.' How to get your kid to sign the forms Now comes the hard part: How to persuade your 18-year-old child to sign forms that give you power over their life. Kids rejoice at officially entering adulthood and gaining a measure of freedom from their parents. Persuading them to give some of it back is a big ask. How do you start the conversation? One approach is to tell your newly grown-up child that these documents are a rite of passage to adulthood. Rizzuto says parents could say, 'This is something that adults do. We are not trying to be helicopter parents. We are just trying to make sure that you are set up to succeed in adulthood.' Francis sat down with her daughter at the dining room table with a stack of forms on her 18th birthday, beneath 'a big '18' balloon. We made it a big signing ceremony,' she said. 'This isn't about control,' Francis told her. 'It's about helping you.' Her daughter signed the forms.
CNN
31-03-2025
- Business
- CNN
US stocks rally but close volatile week in the red
What a week it's been. US stocks surged Friday but all three major indexes still closed the week in the red. President Donald Trump's budding trade war has sent jitters through markets that caused a volatile week on Wall Street. The Dow ended the day higher by 675 points, or 1.65%. The broader S&P 500 rose 2.13% and the Nasdaq Composite gained 2.61%. The S&P 500 and Nasdaq rallied Friday to notch their best single-day gains since the US presidential election. Yet it wasn't enough to drag the indexes out of the red for this week. The S&P 500 and Nasdaq posted their fourth consecutive week in the red, which is their worst losing streak in seven months. Despite the Friday rally, the blue-chip Dow closed down roughly 3.1% this week and posted its worst week since March 2023. Friday's rebound in stocks came after a steep decline on Thursday that saw the S&P 500 close in correction territory, down more than 10% from its recent high, for the first time since late 2023. The benchmark index shed roughly $5.28 trillion in market value from its peak on February 19 to market close on March 13, according to FactSet data. US stocks rallied on the news that lawmakers would likely pass a government funding plan Friday, avoiding a shutdown. Markets hate uncertainty, and hopes of dodging a shutdown provided a boost for stocks at the end of a turbulent week. Trump's tariffs have roiled markets this month, and recent drawdowns can also present opportunities for rebounds. 'The markets are grappling with the notion of where fair value rests for a stock market that faces headwinds from tariffs, fiscal spending cuts and potentially softening economic data,' said Yung-Yu Ma, chief investment officer at BMO Wealth Management, in an email. Ma said he expects a 'multi-day relief rally could be coming soon' due to how much negative investor sentiment has built up recently. 'Extreme fear' has been the sentiment driving markets since the end of February, according to CNN's Fear and Greed Index. All three major indexes opened higher Friday and held on to their gains despite a fresh read on consumer sentiment that showed Americans are souring on the economy. Consumer sentiment fell 11% this month to a reading of 57.9, a preliminary reading showed, down from last month's reading of 64.7 and reaching its lowest level since November 2022, according to the latest consumer sentiment survey from the University of Michigan. Stocks driving markets higher on Friday included tech and AI stars like Nvidia (NVDA) and Palantir (PLTR) that rebounded after a slide in the past month. Tesla (TSLA), which had plunged earlier in the week, gained 3.86% on Friday after gaining 3% on Thursday. Gold on Friday surged to a record high, breaking through $3,000 a troy ounce. Gold prices have soared as investors demand safe havens amid uncertainty around the impact of Trump's tariffs on global economic growth and geopolitical stability. The skyrocketing price of gold is among several signs that investors are concerned about America's economic outlook, former Treasury Secretary Larry Summers told CNN on Friday. 'It's a sign of the amount of uncertainty that's being created that amidst everything else, the asset that's done well is gold,' Summers told CNN's Pamela Brown and Wolf Blitzer. 'That's what people do when they don't have confidence in the people who are managing the country.' Gold prices rallied 27% in 2024, smashing through previous record highs. In addition to investor demand, central banks — led by China — have been increasing their gold reserves, pushing prices higher. Russia's war in Ukraine is another factor contributing to higher gold prices. 'Russia's rejection of the US-proposed 30-day ceasefire in Ukraine has reignited geopolitical instability,' said Viktoria Kuszak, a research analyst at Sucden Financial, a trading firm. Gold is up almost 15% already this year, far outpacing the benchmark S&P 500, which is down more than 4%. Goldman Sachs in February raised its year-end price forecast for gold to $3,100 a troy ounce. CNN's Olesya Dmitracova and Bryan Mena contributed reporting.
Bloomberg
26-03-2025
- Business
- Bloomberg
Bloomberg Markets 03/26/2025
"Bloomberg Markets" follows the market moves across every global asset class and discusses the biggest issues for Wall Street. Today's guests; BMO Wealth Management Chief Investment Officer Yung-Yu Ma, Invesco Head of Alternatives ETF Strategy Kathy Kriskey, Melius Research Head of Consumer and Retail Research Karen Short, Bloomberg's Jonathan Levin, Mike Dorning, Ana Andrade, and Allison McNeely. (Source: Bloomberg)
Chicago Tribune
14-03-2025
- Business
- Chicago Tribune
Wall Street rallies to its best day in months, but that's not enough to salvage its losing week
NEW YORK — U.S. stocks rallied to their best day in months on Friday as Wall Street's roller coaster suddenly shot back upward. That still wasn't enough to keep the U.S. market from a fourth straight losing week, its longest such streak since August. The S&P 500 jumped 2.1% a day after closing more than 10% below its record for its first 'correction' since 2023. The last time the index shot up that much was the day after President Donald Trump's election, when Wall Street was focusing on the upsides of Trump's return to the White House. The Dow Jones Industrial Average climbed 674 points, or 1.7%, and the Nasdaq composite jumped 2.6%. A multi-day 'relief rally could be coming' after so much negativity built among investors, said Yung-Yu Ma, chief investment officer at BMO Wealth Management. Swings in sentiment don't go full-tilt in just one direction forever, and the U.S. stock market has been tumbling quickly since setting a record less than a month ago. One piece of uncertainty hanging over Wall Street may be clearing after the Senate made moves to prevent a possible partial shutdown of the U.S. government. Past shutdowns have not been a huge deal for financial markets. But any reduction of uncertainty can be helpful when so much of it has been sending the U.S. stock market on big, scary swings not just day to day but also hour to hour. To be sure, the heaviest uncertainty remains with Trump's escalating trade war. There, the question is how much pain Trump will let the economy endure through tariffs and other policies in order to reshape the country and world as he wants. The president has said he wants manufacturing jobs back in the United States, along with a smaller U.S. government workforce and other fundamental changes. While stock prices may be close to finishing their reset to account for tariffs set to hit in April, Ma said concerns about how big an impact cutbacks in federal spending will have on the economy are 'likely to remain for some time.' U.S. households and businesses have already reported drops in confidence because of all the uncertainties created by Trump's barrage of on-again, off-again tariff announcements and other policies. That's raised fears about a pullback in spending that could sap energy from the economy. Worries look to be only worsening among U.S. households, according to a preliminary survey released Friday by the University of Michigan. Its measure of consumer sentiment sank for a third straight month, mostly because of concerns about the future rather than complaints about the present. The job market and overall economy look relatively solid at the moment. 'Many consumers cited the high level of uncertainty around policy and other economic factors,' according to Joanne Hsu, direct of the survey, and 'frequent gyrations in economic policies make it very difficult for consumers to plan for the future, regardless of one's policy preferences.' Such fears have Wall Street focused on whether companies are seeing the souring mood of consumers translating into real pain for their businesses. Ulta Beauty jumped 13.7% after the beauty products retailer reported stronger profit for the latest quarter than analysts expected. The company's forecasts for upcoming revenue and profit fell short of analysts' targets, but Chief Financial Officer Paula Oyibo said it wanted to be cautious 'as we navigate ongoing consumer uncertainty.' Analysts said the forecasts appeared better than feared. Gains for Big Tech stocks and companies in the artificial-intelligence industry also helped support the market. Such stocks have been under the most pressure in the recent sell-off after critics said their prices shot too high in the frenzy around AI. Nvidia rose 5.3% to trim its loss for 2025 so far below 10%. Apple climbed 1.8% to pare its loss for the week, which at one point had been on pace to be its worst since the 2020 COVID crash. All told, the S&P 500 rose 117.42 points to 5,638.94. The Dow Jones Industrial Average climbed 674.62 to 41,488.19, and the Nasdaq composite rallied 451.07 to 17,754.09. In stock markets abroad, indexes rose across much of Europe and Asia. Stocks jumped 2.1% in Hong Kong and 1.8% in Shanghai after China's National Financial Regulatory Administration issued a notice ordering financial institutions to help develop consumer finance and encourage use of credit cards, do more to aid borrowers who run into trouble and be more transparent in their lending practices. Economists say China needs consumers to spend more to get the economy out of its doldrums, although most have advocated broader, more fundamental reforms. In the bond market, Treasury yields rose to recover some of their sharp recent losses. The yield on the 10-year Treasury climbed to 4.31% from 4.27% late Thursday and from 4.16% at the start of last week. Yields have been swinging since January, when the 10-year yield was approaching 4.80%. When worries worsen about the U.S. economy's strength, yields have fallen. When those worries lessen, or when concerns about inflation rise, yields have climbed. Originally Published:
Los Angeles Times
14-03-2025
- Business
- Los Angeles Times
Wall Street rallies to its best day in months, but that's not enough to salvage its losing week
NEW YORK — U.S. stocks rallied to their best day in months on Friday as Wall Street's roller coaster suddenly shot back upward. That still wasn't enough to keep the U.S. market from a fourth straight losing week, its longest such streak since August. The S&P 500 jumped 2.1% a day after closing more than 10% below its record for its first ' correction ' since 2023. The last time the index shot up that much was the day after President Donald Trump's election, when Wall Street was focusing on the upsides of Trump's return to the White House. The Dow Jones Industrial Average climbed 674 points, or 1.7%, and the Nasdaq composite jumped 2.6%. A multi-day 'relief rally could be coming' after so much negativity built among investors, said Yung-Yu Ma, chief investment officer at BMO Wealth Management. Swings in sentiment don't go full-tilt in just one direction forever, and the U.S. stock market has been tumbling quickly since setting a record less than a month ago. One piece of uncertainty hanging over Wall Street may be clearing after the Senate made moves to prevent a possible partial shutdown of the U.S. government. Past shutdowns have not been a huge deal for financial markets. But any reduction of uncertainty can be helpful when so much of it has been sending the U.S. stock market on big, scary swings not just day to day but also hour to hour. To be sure, the heaviest uncertainty remains with Trump's escalating trade war. There, the question is how much pain Trump will let the economy endure through tariffs and other policies in order to reshape the country and world as he wants. The president has said he wants manufacturing jobs back in the United States, along with a smaller U.S. government workforce and other fundamental changes. While stock prices may be close to finishing their reset to account for tariffs set to hit in April, Ma said concerns about how big an impact cutbacks in federal spending will have on the economy are 'likely to remain for some time.' U.S. households and businesses have already reported drops in confidence because of all the uncertainties created by Trump's barrage of on -again, off -again tariff announcements and other policies. That's raised fears about a pullback in spending that could sap energy from the economy. Worries look to be only worsening among U.S. households, according to a preliminary survey released Friday by the University of Michigan. Its measure of consumer sentiment sank for a third straight month, mostly because of concerns about the future rather than complaints about the present. The job market and overall economy look relatively solid at the moment. 'Many consumers cited the high level of uncertainty around policy and other economic factors,' according to Joanne Hsu, direct of the survey, and 'frequent gyrations in economic policies make it very difficult for consumers to plan for the future, regardless of one's policy preferences.' Such fears have Wall Street focused on whether companies are seeing the souring mood of consumers translating into real pain for their businesses. Ulta Beauty jumped 13.7% after the beauty products retailer reported stronger profit for the latest quarter than analysts expected. The company's forecasts for upcoming revenue and profit fell short of analysts' targets, but Chief Financial Officer Paula Oyibo said it wanted to be cautious 'as we navigate ongoing consumer uncertainty.' Analysts said the forecasts appeared better than feared. Gains for Big Tech stocks and companies in the artificial-intelligence industry also helped support the market. Such stocks have been under the most pressure in the recent sell-off after critics said their prices shot too high in the frenzy around AI. Nvidia rose 5.3% to trim its loss for 2025 so far below 10%. Apple climbed 1.8% to pare its loss for the week, which at one point had been on pace to be its worst since the 2020 COVID crash. All told, the S&P 500 rose 117.42 points to 5,638.94. The Dow Jones Industrial Average climbed 674.62 to 41,488.19, and the Nasdaq composite rallied 451.07 to 17,754.09. In stock markets abroad, indexes rose across much of Europe and Asia. Stocks jumped 2.1% in Hong Kong and 1.8% in Shanghai after China's National Financial Regulatory Administration issued a notice ordering financial institutions to help develop consumer finance and encourage use of credit cards, do more to aid borrowers who run into trouble and be more transparent in their lending practices. Economists say China needs consumers to spend more to get the economy out of its doldrums, although most have advocated broader, more fundamental reforms. In the bond market, Treasury yields rose to recover some of their sharp recent losses. The yield on the 10-year Treasury climbed to 4.31% from 4.27% late Thursday and from 4.16% at the start of last week. Yields have been swinging since January, when the 10-year yield was approaching 4.80%. When worries worsen about the U.S. economy's strength, yields have fallen. When those worries lessen, or when concerns about inflation rise, yields have climbed. Choe writes for the Associated Press. Kurtenbach contributed.
