New Baby. New Priorities. – A financial checklist from our Tax Strategist— and a new dad
When Harrison was born, I didn’t just feel the joy every new parent talks about. I also felt the weight of responsibility.
There’s something about holding your child for the first time that makes the future feel very real. You start thinking about the kind of life you want to build for them, the protection they may need, and the small decisions you make now that may matter years from today.
It makes you want to get everything right, not just emotionally but financially, too.
As a Tax Strategist and Wealth Advisor, I’ve seen what’s possible when families start planning early. I’ve also seen how heavy, how urgent, those decisions can feel when they wait.
The families I see in the strongest position usually did not wait until life felt perfectly settled. They started early, stayed consistent, and let time and compounding do the heavy lifting.
This is the list I wish every parent and every grandparent had on day one.
☐ Secure your foundation first. Before funding a college account, make sure the basics are in place: life insurance, an emergency fund, estate documents and consistent retirement contributions. Your child benefits from financially secure parents before a college fund.
☐ Consider a Trump Account. Children born in 2025 or later may be eligible for a federally established tax-advantaged account, including an initial government contribution. Many families don’t realize this option exists yet. Program details are still evolving, but this is worth paying attention to, especially for parents and grandparents who want to give a child an early financial head start.
☐ Consider a 529 plan. A 529 can offer tax-free growth and tax-free withdrawals when used for qualified education expenses. Recent legislation may also allow unused 529 funds to roll into a Roth IRA. The added flexibility makes it worth considering as part of a broader family savings strategy.
☐ Think beyond college. A custodial account can provide flexibility that education-specific accounts don’t. The funds aren’t limited to school expenses and could eventually help with a first home, wedding, business or another meaningful goal. When life doesn’t go exactly as planned, more than one savings tool helps.
☐ Commit to consistency. A small monthly deposit started at birth outperforms a large lump sum started at ten, every time. You don’t have to do everything at once. Start with a plan you can maintain.
Time is one of the greatest advantages a young child has. Used thoughtfully, it can turn small decisions today into a meaningful future for your child.
If there’s a new baby or grandchild in your life, we’re here to help you think through the first steps. Even simple choices can build a strong foundation and give your family a little more confidence about what comes next.
For more information, reach out to Bronson Feuer at 661-775-0950, or visit VanceWealth.com.
The information provided is for educational and informational purposes only and does not constitute tax or legal advice. Trump Account program details are subject to change based on evolving federal guidance. Please consult your advisor before making decisions with tax implications.