Have you recently welcomed a child or grandchild to your family? Now is a perfect time to take meaningful steps toward securing their financial future.
Here are a few ways to begin building a lasting financial legacy for your newest bundle of joy:
- Saving for Education – A 529 college savings plan allows your contributions to grow tax-free, helping cover future education expenses. Some plans even offer state tax benefits.
- Preparing for Milestones – Consider opening a custodial account, such as an UGMA or UTMA, to help save for the child’s future, from a first car to their first home.
- Gifting Strategies – You can gift up to $19,000 per child in 2025 ($38,000 for couples), tax-free, to help build their financial foundation.
- Updating Your Estate Plan – Welcoming a child or grandchild is a great reminder to review your beneficiaries and estate plans, ensuring that your financial legacy reflects your growing family.
- Retirement Savings – It’s wonderful you’re helping your family, but be sure to continue planning and investing for your own retirement, maximizing all tax-advantaged and employer-assisted opportunities available to you.
If you’d like to explore these options further, we’d be happy to help you create a plan that aligns with your goals.
Let’s connect and discuss the best strategies for you and your family.
