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The birth of a child is an event that has powerful long-term effects on your entire family. Your child will be under your direct care for almost two decades. The planning and care begin long before your child is born, as soon as you know you are expecting. Immediately after your child is born, you will be very busy with day-by-day adjustments. Soon you should consider long range concerns for the future, including savings and college financing. Parents with more than one child also have to face decisions dealing with optimizing the use of family resources to provide for your aging, changing and growing family. At this time, your benefit plans become increasingly vital to your family’s well being.
- You must complete a new Enrollment and Beneficiary Designation within 60 days of the birth. You must also include a copy of the birth certificate.
- You will want to review your designation of beneficiary for the life insurance under the Welfare Trust. If you are unmarried, you will also want to review the designation of beneficiary for the Pension Trust.
- Review the rules for coordination of benefits. Coordination of benefits rules govern who will have the primary coverage for your child if both you and your spouse have group health coverage.
- If you think you might be taking Family/Maternity/Paternity Leave you should review section 1.10 of the Welfare SPD and section 3.4.3 of the Pension SPD to see how your benefits may be affected.
Financial planners recommend that when you have a child you should update a number of personal plans and documents. Here is a checklist of some items which you may need to update, revise, or consider:
- Living Trust
- Estate Plan
- Durable Powers of Attorney
- Designation of Beneficiary: IRA, 401k, Life Insurance
- Adequacy of Life Insurance
- Adequacy of Disability Insurance
A comprehensive reference site providing links to articles and other websites concerning issues of interest to parents. It offers a broad range of information; everything from online help on being a parent, single, traditional, or otherwise. The advice covers the entire age range for children.
Articles and web resources of general interest to parents of children of all ages. Deals with topics such as education, health/medical, safety, motherhood & fatherhood, support, etc.
Information on food, pets, travel, babies and pregnancy, activities in which parents can participate with their children, and more.
Site set up to show parents ways they can teach their children the value of money. Presents ideas on how children can earn money. Best of all, the site is available in several languages.
- College Board
As a national nonprofit association it serves to connect students and their families with colleges. Features information on financial aid services, admission & enrollment, placement & advising, and testing (SAT & ACT).