Join Matthew Mondoux and Dan Seder in this episode of Blue Chip Now as they explore critical financial planning strategies for new parents, alongside guests Emily Prater, a CFP® professional, and Gina DiGirolamo, who recently passed the CFP® exam. With Daniel Dusina on paternity leave, the discussion centers around college savings options like 529 plans and the significance of estate planning and life insurance for ensuring a family’s financial security. This episode is a must-listen for parents and grandparents looking to make informed decisions about their financial futures.
Financial Planning for New Parents
Key Points from This Episode:
[00:00:00] Start
[00:00:45] Market recap: Recent stock declines, treasury yield changes, and the impact of the CrowdStrike outage on the airline industry.
[00:03:30] Introduction of financial advisors Emily Prater and Gina DiGirolamo; focus on financial planning for parents.
[00:04:15] Analyzing 529 college savings plans: Tax advantages and the Michigan-specific MESP and MET plans.
[00:06:27] Gifting and contribution strategies for 529 plans, including the superfunding option for maximizing savings.
[00:09:30] Flexibility of 529 plans for K-12 education and the potential for rollovers into Roth IRAs.
[00:13:22] Evaluating the pros and cons of 529 plans versus prepaid tuition plans for education savings.
[00:16:33] Estate planning basics for young families: Ensuring wealth transfer and financial security through trusts and wills.
[00:19:11] Term vs. permanent life insurance: Determining the right coverage to support family financial goals.
[00:21:53] Importance of revisiting insurance needs as family situations evolve and securing coverage early for cost benefits.
[00:22:50] Final thoughts on maintaining insurability and why now is the best time to secure life insurance.
Congratulations, It’s an Unfunded Liability—Financial Planning Insights for New Parents
You have a young child, a new baby, so what’s the next step? Many people see a little baby in the hospital and, as advisors, we see unfunded liabilities. Do you have life insurance in place? Do you know what kind to get or how much of a policy to take out? What about a living trust? On this clip from the Blue Chip NOW! podcast, we do our best to help you avoid your wallet blowing up as new parents. We dive into the different types of life insurance, estate planning tips, and how to avoid the cost and drama of probate when transferring your wealth onto your children or whomever you’d like.
What to expect now that you’re done expecting—managing your finances as a new parent.
When your child is born you are experiencing an overwhelming joy. But then the thoughts of “How am I going to pay for college?” begin to creep into your mind. This clip from the Blue Chip NOW! podcast educates you on some of the different ways you can save for your kid’s college and benefits from important tax laws that probably affect you. Fun fact: Did you know that you can send your kids to a K–12 private school with a 529 plan?
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