- Introduction
- Rethinking Your Benefit Elections
- Disability and Life Insurance
- To Work or Not to Work
- Looking At Day Care
- Employing a Nanny
- Tax Advantages Associated with Children and Families
- Children's Taxes, Tax Returns, and the Kiddie Tax
- College Funding–There's No Time Like the Present
- Estate Planning and Children
- Other Tax Credits
If you're having a new baby—congratulations! You're in for a lot of excitement and happiness, and a lot of work.
From the standpoint of your finances and your life planning, there may be a number of things you need to think about and decisions you need to make. For example, what about the benefit plans your employers are providing to you and your spouse? You need to make sure you have the health plan that best provides for your new situation. You should also be thinking about disability insurance and life insurance.
Another big decision is to work or not to work. To make that decision, you will need to balance your need for income, your need to be at home with your child, your career plans, and your childcare options if you both go back to work.
A new baby brings with it tax implications. There are tax advantages, dependent credits, tax saving vehicles you should look into, and steps to follow when filing taxes for your child. And believe it or not, it is not too early to think about college funding. There are a number of strategies you can follow to start saving and investing.
This is also the time to give some serious thought to estate planning. If you have a will, update it; if not, make one right away. Look into establishing a trust, so that you will have a say in how your assets are distributed in the event of your death. And make sure you designate a guardian for your child, in case both you and your spouse die.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
| Not NCUA Insuredor Any Other Government Agency | No Credit Union Guarantee | Not Credit Union Deposits | May Lose Value |
The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: NJ, PA, NY, DE, AZ, MI, FL, MD, TX, VA, GA, NC.
Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.
