What You Need To Know
Below are just a few key aspects that you should consider and watch out for when growing your family. Each of these areas will play an important role in your life and may affect each other in one way or another over the next few decades to come.
1) Plan for upcoming expenses
Adding a new member to your household will also increase your current and future expenses. Medical expenses, supplies, clothing, additional insurance costs, and future education costs may require an adjustment to your budget.
2) Adjust your investment strategy
As your household changes, so may your investment strategy - whether that be your investment style, allocation, or risk-tolerance, or the types of accounts that you are contributing to (e.g. 529 plan, UGMA/UTMA custodial accounts, etc).
3) Plan for the unexpected
It's important to protect your family, even in the face of unexpected events. For peace of mind, consider having a will and/or trust, life insurance, disability income insurance, and a plan for unanticipated medical expenses or sudden job-loss in place.
Common Mistakes
MISSING TAX BENEFITS
Missing out on tax-saving
deductions and credits
INSURANCE SHORTFALLS
Not purchasing the right type,
or amounts, of insurance in place
IGNORING ESTATE PLANNING
Kicking-the-can-down-the-road and not planning for the unexpected
Services You Should Consider
As you plan for the arrival of a child, it's essential to ensure your financial strategies align with your growing family’s needs. Working with
a professional can help give you peace of mind and a solid foundation for the future. Spend less time worrying about your investments, taxes, insurance, and estate plan, and focus on what really matters - your new growing household!
Investment Management
NEAR AND LONG-TERM STRATEGY
Have a fiduciary advisor help you create a budget and how to invest for current and future household needs relating to your child, such as education and childcare expenses.
Tax Planning, Prep, & Filing
Insurance Planning
Estate Planning
EFFICIENT TAX STRATEGY
Ensure you aren't missing out on any potential tax savings by taking advantage of all eligible child deductions and credits that you may be entitled to.
PROTECTION FOR THE FUTURE
Find the best healthcare plan for your families needs, and ensure you have the proper type and the right amount of life insurance to protect your loved for the future.
PEACE OF MIND FOR YOUR FAMILY
Access our network of trusted attorneys that can help evaluate your estate planning needs and help protect your loved ones in the event of the unexpected occuring.
Have Questions or Need Advice?
By offering most tax, investment, planning, and insurance services in-house, we are dedicated to helping you reduce fees and save time when it comes to helping you achieve your financial goals and needs. You will gain peace of mind knowing all of your affairs will be coordinated, aligned, and managed with one simple phone call.