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	Life Events & Financial Decisions Major Life Events Moving in With a Partner Cash Flow Management Taxes Insurance Property Ownership Retirement Planning With Your Partner Marriage Wedding Planning Joint Goal Setting Establishing Financial Accounts Filing Income Taxes Coordinating Employee Benefit Plans Reviewing Retirement Plans Having Children Pregnancy New Parents Guide Foster and Adopted Children Disabled Children Other Financial Issues Buying a Home Saving for a Home First Home Purchase Home Repurchases Home Maintenance Divorce Dividing Assets and Debts Cash Flow Management Retirement Benefits Insurance Tax Considerations Estate Planning Remarriage Communication Is Key Money Management Children and Stepchildren Child Support Issues Ex-Spouse Issues Planning for Retirement Calculate Retirement Savings Catch-Up Strategies Create a "Retirement Paycheck" Get Your Retirement Plan Back on Track Death and Dying Planning for Death Planning for a Funeral Death of a Relative Starting Off Right All About Credit Savings Start Saving Today Tax Deferred Savings Protect Your Assets with Insurance Income Tax Planning Health and Family Support Health Insurance Health Insurance Tips Addictions and Finances Disability Insurance Aging Parents Proactive Plans Costs of Caregiving Moving in with their Children Living in an Assisted Living Facility Helping a Parent Financially Death and Dying Planning for Death Death of a Relative Planning for a Funeral Wills and Estates Importance of Estate Planning Planning for Estate Taxes Wills Gifts and Inheritances Powers of Attorney Education and Careers Jobs and Benefits Career Transitions Relocation Unemployment Managing Job Benefits Retirement Savings When Planning a Job Change pt1 Retirement Savings When Planning a Job Change pt2 College Planning Saving for College Calculate College Savings Savings Plans Financial Aid Catch-Up Strategies Military Service Active Duty Deployment Financial Planning Planning a Major Purchase Buying a Home Saving for a Home First Home Purchase Home Repurchases Home Maintenance New Car Buying Used Car Buying Car Leasing Big Ticket Items Crisis and Emergencies Theft Natural Disasters Emergency Preparedness Identity Theft Terrorism Tackling Medical Expenses

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home › Life Events & Financial Decisions › Major Life Events › Having Children › Other Financial Issues

Other Financial Issues: Wills, Guardians, Health Insurance and College

Draft a will or revise an existing one to name a guardian and backup guardian for a newborn child.
Guardians do not necessarily have to be family members. Parents can choose anyone they believe is best suited to raising their child.
You also can name different guardians to raise a child and to manage their inheritance. Be sure to discuss your selection with the designated guardians first.
Consider establishing a flexible spending account (FSA) for child-care expenses if one is offered by your employer. Parents can pay up to $5,000 in child care expenses with money that is exempt from federal income, Social Security, and Medicare taxes and state income tax in every state but New Jersey.
Evaluate your health insurance carefully to make sure that it covers pregnancy and well-baby care, and notify your employer within 30 days of the birth of a child.
Contact one or more insurance agents for a life insurance needs analysis, and then purchase adequate coverage.
Start savings as soon as possible for college or postsecondary education/technical training. Consider a state 529 college savings plan (see www.collegesavings.org for additional information) and/or a Coverdell Education Savings Account. Another option is the Hope Scholarship. You can learn more about this option by visiting this Web site: www.irs.gov.
The earlier parents start saving for college, the less they’ll need to set aside because compound interest will work its magic.
Parents with a long time frame (10 to 18 years) in which to save for college have adequate time to invest in stocks and stock mutual funds while riding out market volatility.


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Life Events & Financial Decisions

Financial Tip

Other Financial Issues: Wills, Guardians, Health Insurance and College

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