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Having a child

Growing your family can be one of the most rewarding experiences of your life. To ensure your family’s best financial future, make sure you know the legal, financial, and tax responsibilities and opportunities that can apply to families.

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What you need to know

Key steps to consider, what to watch out for, and ways advisory firms can help to set up your family with a financial strategy that aligns with your values.

1. Plan for expenses

Medical expenses, additional insurance coverage, initial nesting costs, and any planned education costs will require an adjustment to your budget.


2. Adjust investment strategy

With a growing family, your short-and long-term financial goals will change, and your asset allocation should be adjusted accordingly to account for college savings, childcare costs, moving, and insurance.


3. Create a disaster plan

You will want your family to be protected even in case of unforeseen events. For peace of mind, a will and/or trust, life insurance, disability income insurance, and a plan for major medical expenses should be considered.

Common Mistakes

  • budgeting

    Spending outside of your budget

  • Insurance

    Missing out on insurance savings

  • tax deductions

    Missing out on additional tax deductions from dependents

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