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Having a Baby

July 4, 2025

Financial Planning Checklist for Expecting Parents
 

The arrival of a child is both exciting and life-changing. This checklist outlines key considerations to help new parents prepare for the financial impacts of parenthood, from reviewing cash flow and insurance coverage to exploring estate planning and tax-efficient wealth transfer strategies: 


Assess your cash flow

  • Consider your preferences for childcare, healthcare, and baby essentials and project your anticipated expenses.
  • Revisit your liquidity needs to ensure you have enough given potential changes to your monthly expenses including household staff and employment taxes if applicable.
  • Speak with your advisor to adjust your financial plan to account for your new family structure and long-term priorities like education funding.


Evaluate your health coverage

  • Review your health insurance coverage to ensure it aligns with expected medical needs, including private hospital options and pediatric care.
  • Keep in mind that the IRS requires you to add your baby to your health insurance plan within 30 days of birth.
  • Leverage tax-advantaged accounts as applicable. Flexible Spending Accounts (FSAs) are available through traditional health plans while Health Savings Account (HSAs) are available with high deductible health plans.


Review and update your estate plan

  • Work with your attorney and advisor to review and update your estate plan in light of your new family structure.
  • Ensure that your will includes both custodial and financial guardianship. Review your family trust structures, as applicable, to understand the impact of adding a child to your family. Consider trust equalization to ensure younger children receive an equitable share of family wealth to help maintain fairness in estate planning.
  • Review your beneficiary designations on life insurance policies, retirement accounts, and investment portfolios ensure they align with your estate plan.
  • Review your life insurance policies to ensure you have sufficient coverage for your family’s future needs.


Review your education plan

  • Consider your options for funding education. There may be tax benefits to strategies including, establishing an educational trust, super funding a 529 Plan, or directly paying (or having grandparents directly pay) for education as a means of transferring wealth.
  • Consider the pros and cons of using a trust vs. a Uniform Transfers to Minors Act (UTMA) account to allow minors to receive gifts.


Assess your parental leave policies

  • Ensure you fully understand your employer’s policy to maximize your benefits and your time with your family.
  • Parental leave varies greatly by employer and by state, but most expecting parents are entitled to leave under the Family and Medical Leave Act (FMLA).
  • Many employers who offer parental leave policies allow employees to take their leave at any point within the first year of a child’s life.
  • Depending on your employer you may also be entitled to medical leave if you chose to adopt a child.


Analyze your living situation

  • Evaluate whether your current home accommodates the needs of your growing family, like child proofing, a nursery, play areas, space for a caregiver, and proximity to family members or preferred schools.
  • If needed, discuss potential changes to your living situation with your advisor.

Proactively addressing these financial, legal, and lifestyle considerations can help create a seamless transition into parenthood, while setting up your family to grow and preserve wealth for the future. Your private wealth advisor can tailor strategies for your family’s short- and long-term goals.

 

How to Talk to Your Children About Money
 

Money messages — the subtle cues and hints that shape our views on spending and saving — are everywhere, from peers, to social media, and advertising. It’s never too early to think about how you will approach finances, in age appropriate ways, to help ensure children receive messages that align with your values. 

Reflecting on your own mindset around money is a great place to star, consider:

  • What money lessons do you want to pass on to your kids?
  • What are your own beliefs about money, and how do they shape the way you talk about it?
  • What financial habits do you want your kids to model?
  • What does financial responsibility mean to you?
  • How do you talk about money in everyday situations?
  • What role should giving and generosity play in your money conversations?

Once you’ve thought through your own views you can begin thinking through how to share those views with your children.

Here are some strategies to consider for engaging children of different age groups in conversations about money.


Start Early with Basic Money Concepts (Ages 3-7)

  • Introduce the concept of money, spending, saving, giving, and investing in simple and relatable ways that teach the value of responsibility and accountability.
  • Allowances can start as early as age five for completing age-appropriate tasks, like picking up toys or feeding a pet.
  • You can encourage your child to donate a portion of their allowance to a cause they care about.


Understanding needs vs. wants (Ages 7-12)

  • Conversations can expand to include the importance of budgeting and decision-making. Adjust to the different money styles your children may be demonstrating. For example:
    • A child who saves every dollar may benefit from positive spending and investing habits.
    • A child who spends money the minute they receive it may benefit from conversations around saving and investing.
  • This may also be good time to consider bringing your child along for hands-on volunteer opportunities so they can see the impact of philanthropy first-hand.


Managing money & understanding wealth (13-18)

  • This is the age when families may consider gradually releasing control to move into coaching children into financially confident adults.
    • Some families offer kids a snapshot of their wealth and a managed space to teach stewardship by sharing more information and experience with a family trust, private foundation or donor-advised fund.
  • Summer jobs can also help teach the value of a dollar and inspire an entrepreneurial spirit.

Consistent, age-appropriate conversations in tandem with your real-life example can help children develop healthy financial habits, responsible behaviors, and an understanding of the legacy you hope to pass on. If you have questions or need help preparing to speak with your children about money, reach out to your private wealth advisor.

 

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