Life Planning Checklist: Having a Child
Welcoming a new human to the world, or your family, is one of life's most exciting and awe-inspiring experiences. It can also come with a fair amount of stress that you need to get everything right. Let LifePlan advisors help you get your child and family started on the right financial and legal footing and take some of that stress off your full plate.
Sometimes knowing what to ask is as hard as knowing the answers. Use this list as a jumping off point to start planning for your child's future.
We’ve organized this list by LifePlan offering, so you’ll know exactly which appointment to schedule for questions you could use some professional help answering.
Talk with a financial advisor about
How to best manage the upfront costs of having a child
Budgeting for unpaid time off from work
College savings account options
Starting an emergency fund for unexpected costs.
New recurring costs you'll need to build into your budget
How to add your child as a 401k or IRA beneficiary
Ask an independent attorney* about
The Family and Medical Leave Act
How to determine the leave and pay you're entitled to
legal requirements of workplace accommodations for those who breastfeed?
Your legal rights when it comes to taking time off work to care for your child or attend child related activities
Changing your estate plan (or making one) in light of the newest addition to your family
Discuss with a tax professional*
Adding a dependent exception to your tax filing to save you money
Child tax credits and whether you qualify
Your deduction strategies and any updates you should make
Get an insurance professional's* take on
The pros and cons of getting an insurance policy for your child
New home and auto insurance options
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*DISCLAIMER: Legal advice is provided by an independent network of attorneys. Tax advice is provided by 1-800Accountant, insurance advice is provided by Mylo, our trusted service partners.