Expecting a New Baby/Grandchild?

Are you expecting a new baby/grandchild?  If so congratulations from all of us at Stephens Wealth Management Group on your newest family member.  During exciting times like these it is also important to think about how this new addition impacts your money, wealth, and estate planning.

Here are 8 planning ideas when you are expecting a new baby/grandchild:

  1. Essential Paperwork: File for key documents, including a birth certificate and Social Security number
  2. Beneficiaries: Update your beneficiary designations in key accounts (e.g., insurance, retirement, investments)
  3. Insurance: Enroll the child in healthcare plans, refine or consider starting Life and Disability Insurance
  4. College Savings: Costs are high and rising fast — as soon as possible, start saving and investing, leveraging one or several of the many tax-advantaged programs available to you
  5. Retirement Savings: Continue to plan and invest for your own retirement, maximizing all tax-advantaged and employer-assisted opportunities available to you
  6. Trust & Estate: Create or refine your Will, name a legal guardian for your child(ren), establish Medical and Financial Powers of Attorney, and explore potential Trust & Estate wealth protection and transfer strategies
  7. Taxes: Work with your tax advisor to maximize potential child-related tax breaks that may be available to you
  8. HSA / FSA: Maximize potentially “triple tax advantaged” contributions to HSAs (Health Spending Accounts), when available; fully fund and leverage potentially available DCFSAs (Dependent Care Flexible Savings Accounts).

As always, if you have any questions regarding these topics, our advisors are ready to help.

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