What you need to do
Key steps to consider, what to watch out for, and ways advisers can help to set up your family with a financial strategy that aligns with your values.Find Your Adviser
Plan for Expenses
Medical expenses, additional insurance coverage, initial nesting costs, and any planned education costs will require an adjustment to your budget.
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.
Create Disaster Plans
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.
- Spending beyond your budget
- Missing out on insurance savings
- Missing out on tax deductions
Certified Public Accountant (CPA)
Maximize new child tax credits, potential state tax deductions for a portion of your 529 contributions, and federal tax deductions for qualified medical expenses beyond the AGI threshold.
Help with Saving
Leverage tax optimized accounts to help save for education costs.
Trust & Estate Attorney
Complex Estate Needs
If you have children from a former marriage, have a special needs child, and/or you have assets (or a business) with a low cost-basis that are likely to appreciate significantly over time that you plan to gift or transfer upon your death, it is highly recommended to set up a trust.
Holistic Financial Planning
During a happy but busy time, have an objective third party help decide what makes the most financial sense in terms of lifestyle spending and long-term saving/spending tradeoffs.
Other Upcoming Events
An experienced financial adviser will have worked with many families over the course of decades, and can flag potential issues and opportunities as you plan any moves, home purchases, job changes, and/or continuing to grow your family.
Contextualize Your Wealth
Realize More Value
Based on what you’ve shared, you could realize up to $105K in additional value
Find Your Advisers
- Business Tax
- Impact Investing
- Biotech Expertise