When you’re planning on having a child, you should think about their future from the start. Preparing for the years to come at this early point will help you to better deal with unexpected circumstances that may arise. It will also better ensure your child will have ideal opportunities as they grow older. These are actions you can take to plan for your child’s future.
Save for College
As you’re probably well aware, college tuition is exceedingly expensive, so saving up the money to pay for your child’s education over the years is wise. You could set aside money little by little every month by yourself or seek further assistance. For instance, you could put funds into a 529 plan. These plans can provide a number of benefits, including income tax deductions and exemption from financial aid calculations that your state carries out. Furthermore, you can speak with a professional financial advisor to help you in deciding where to allot your income.
Bank Cord Blood
A lesser-known action you can take to plan for your child’s future is to preserve their umbilical cord blood in a special bank. You can contact a cord blood bank during pregnancy and speak with your doctor to arrange for the medical team to collect the cord blood shortly after the birth of your child. The reason this can be valuable is that cord blood contains stem cells that doctors can potentially use to treat blood diseases in your child should they develop them at some point in their lifetime. Since those umbilical cord stem cells come from your child, there won’t be any issues with compatibility in those treatment procedures.
Create a Will
Though it can be somewhat grim to think about, creating a will is advisable. In the unfortunate event that you or your partner passes away, this will ensure your child won’t face serious trouble. In the will, you should name guardians who’ve agreed to raise your child in your place. You should also include a special trust, called a testamentary trust, that will go into effect should you pass away. This will allow a guardian to give your child the money you leave them in small amounts over time, instead of all at once when they turn eighteen. Such a measure will prevent a situation where your child spends or otherwise loses those funds due to lack of discernment at that young age.
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