Before your child takes their first steps, you can take several steps of your own. Adjusting your finances for a new child can have a major impact on every aspect of your financial life. It’s never too early to start budgeting for a baby, planning for college, ensuring family security, or thinking about tax implications.

Munn & Morris Financial Advisors are with you each step in your journey through parenthood, from colic to college. Be prepared for life’s challenges and celebrations by leaning on our advisors to help you develop a budget for childcare, medical costs, education and emergency savings, life insurance, and retirement.

Through our team and a trusted network of advisors, estate attorneys, and accountants, we can help you:

  • Assign a healthcare proxy and durable power of attorney
  • Evaluate federal and state income tax scenarios related to child tax credits and flexible spending accounts
  • Determine your financial needs for additional insurance protection
  • Resolve competing desires to save for education and retirement
  • Review and update your beneficiaries
  • Review your employee benefits package including healthcare, life and disability income insurance to compensate for the new family member
  • Update or execute a valid will

Resources

  • Child and Dependent Care Credit
  • College Savings Options
  • Leaving a Legacy
  • Article: Protecting loved ones with life insurance
  • Article: Financial planning issues for new parents
  • Article: Today preschool, tomorrow college

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