It’s that time of year for high school seniors. Students diligently re-take college entry exams to ensure top scores, gather letters of recommendation and put finishing touches on their applications, only to await the college acceptance letters that will soon be arriving in the mailbox.

While the prospect of college can be exciting, it is also incredibly stressful for both children and parents. Students may be looking forward to gaining freedom and responsibilities, but parents may have some anxiety about their children leaving the nest, as they cannot always be there to protect their child from potential accidents or making poor decisions.

For wealthy families, these challenges can be even more complex and more costly. Even though the child may be out of the house, it does not mean that liability risks are not still a concern. For parents of college-bound students, it is important to understand the risks and take proper precautions.

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