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Expectant and Postpartum Moms
Reply to "Recs for a to-be parent"
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[quote=Anonymous]I’ll take a stab at this from the future planning side of things: 1. 529 Plan. Research which institute you want to work with and talk with your partner, if you have one, about a plan and schedule for contributions. But, you cannot open an account until you have your child’s full name, date of birth, and Social Security number. 2. Will and Emergency Custodians. If you don’t have a will currently, you can draft one now, and once your child is born include his or her name and date of birth. You can’t designate emergency custodians for a child without naming a child and his or her date of birth. So another thing you can plan and prep for but can’t actually do until the child arrives. 3. Savings Account. Same message, you can’t set anything up without having the name and other identifying documents, but there are typically two types of savings accounts you can have for a minor. One is a custodial account that is linked to yours and the other is a separate individual account, that they will have much more access and freedom to work with over the years. For the former, we have Bank of America and can set it up online without having to go anywhere. For the latter, the child and all of their documentation Hass to be present physically at the bank to set up the account. 4. Stuff you can research, begin drafting now, and keep a tickler you go back and finish after baby arrives: social Security number application and passport application. 5. List of notifications to make after child arrives: generally, this is getting a child added to health insurance, to your life insurance policy, and as a designate to a 401(k). Nothing needs to be done with the IRS until you file taxes and claim the dependent, and you need their Social Security number first in order to do so anyway. My only other suggestion is that you opt to purchase additional formal copies of the birth certificate ASAP when baby arrives. It is always good to have more than one copy in case something happens to an original. Keep one in your files, keep one in a designated file for your child, and perhaps a third copy in a safe deposit box or with a trusted family member. [/quote]
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