If you are welcoming a new child or grandchild to your family, you may be facing a host of emotional, financial and practical decisions. At every age, you will want to protect your children’s health and well-being, nurture their individuality and support their aspirations. As they continue to grow, you will also want to teach them valuable life skills, like managing money and planning for the future. We can assist in raising financially literate children, while also making it easier to keep your family’s finances on track.
Review Your Financial Plan
Shortly before or after the arrival of a child, it is a good idea to review your financial plan to ensure that all of your banking, mortgage and investments needs are being met. A financial advisor can help you create a comprehensive financial plan based on your personal goals and objectives.
Life and Medical Insurance
Life insurance is designed to provide your loved ones with financial security in the event of your death. Medical insurance helps pay for healthcare bills and expenses should you become sick or injured. Both types of insurance can play a key role in your financial plan when you have children.
Start Smart Program
Our Start Smart youth accounts are designed to provide young members with the resources they need to start managing money and planning for the future. When you open a Start Smart account, you can help your child acquire financial management skills that can last a lifetime.
Paying for College
If you are saving for college, you may want to consider making regular contributions to a tax-advantaged college savings account, such as state-sponsored 529 college savings plan. While contributions are not federally tax deductible, money in your account grows tax-deferred and qualified withdrawals are tax-advantaged as well.
Contact us to learn more about available 529 plans in your state of residence.