To help reduce the expected costs of college expenses, parents can invest in assets that are expected to grow their savings at a rate of return that outpaces inflation. By doing this, college expenses may ultimately be funded with fewer dollars saved.

Sending a student away to college is the bridge between childhood and independence. As you prepare yourself and your child for the transition, tackle this list of important issues to consider beyond course selection, checking accounts and living arrangements.

For your children’s and your own well-being, remember that a college degree is an investment. It is not sacrilege to speak to your child about the return on investment of their degree, measured by the salary he or she can expect to earn with the degree. In fact I recommend it

Begin your conversations about paying for college with your children early, based on their individual interests as well as your realistic abilities to financially assist them. Show them (in raw numbers) how their particular school choices will directly impact your and their own expected financial outcomes as well as their educational success.

So how do we actually help our children keep their college dreams afloat? How much of the responsibility should fall on their shoulders and our own? How can we bring their-and our own-dreams down from the stratosphere and into the realm of meaningful, personalized wealth management?

As unpleasant as the task may be, the consequence of postponing it is worse. In the absence of carefully prepared estate-planning documents with proper designation directions, you’re effectively leaving it up to a judge to decide what is in the best interest of your children, without your input.