Deciding to have a baby is a special time in a couple’s relationship. It gives the two of you the opportunity to recommit to one-another, talk about values and beliefs, and paint a picture of the future you wish to create together. As these conversations evolve, here are a few questions to help you navigate the conversation.
PRE-BOARDING
How will your careers change with a baby? Have you considered a cash flow scenario if your spouse does not go back to work?
Do you require any changes to your living situation to accommodate a baby (e.g./ bigger house or car)?
Does your current form of health insurance cover prenatal care, labor and delivery? Would a HMO or PPO plan serve your needs better?
What are your child-care options? • •What maternity/paternity benefits are you entitled to take?
DEPARTURE
What can you reasonably expect to pay for conception costs?
Have you maximized the Health Savings Accounts or Flexible Spending Accounts available to you?
Are you eligible for the Child and Dependent Care Tax Credit?
Have you budgeted for a uptick in household expenses (e.g., high income families living in urban Northern California who had a child born in 2013 will spend nearly $455,000 to raise that child to the age of 18).*
AUTO-PILOT
Do you anticipate sending your child to public or private school?
When will you establish a 529 plan or otherwise begin saving for your child’s college education?
Can you add a child as a beneficiary on your existing life insurance policies?
Have you updated your Will, Durable Power of Attorney and/or Health Care Proxy?
Should you have a Trust created for the benefit of the child? • •Who will be the guardian of your child?
Do you want guardians of your children to also serve as fiduciaries of your estate?
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