Starting a Family Checklist - Financial Wellness

General information	Yes	No	N/A
1. Has relevant personal information been gathered?
2. Marital status? Time frame for starting a family
3. Has financial situation been assessed? Income Expenses Assets Debts and liabilities Insurance information Employee benefits available
Notes:
Money management	Yes	No	N/A
1. Have financial goals been determined or revised? Short-term goals Intermediate-term goals Long-term goals
2. Has budget been updated to reflect changes in income and expenses? Housing costs Transportation costs Food, clothing, and other household expenses Health-care expenses Life and disability insurance premiums Adoption costs Child-care costs Temporary or permanent reduction in income if parent chooses to stay with child rather than work outside the home
3. Has an emergency reserve account equal to at least three to six months’ worth of living expenses been set aside?
Notes:
Insurance planning	Yes	No	N/A
1. Has need for life insurance been evaluated?
2. Have beneficiary choices been updated?
3. Has the need for disability insurance been evaluated?
4. Is health insurance coverage adequate? Maternity costs Labor and delivery costs Changes to health-care providers Health-care expenses, including premium costs, co-payments, coinsurance, coordination of benefits, and deductibles Other employer-sponsored health plan options (if family coverage under other plan is better or more cost effective) COBRA benefits if job loss is anticipated
Notes:
Estate planning issues	Yes	No	N/A
1. Have valid wills been executed or updated?
2. Durable power of attorney or health-care proxy?
3. Has guardian for child been chosen?
4. Have other estate planning strategies been discussed? Use of trusts Gifting assets
Notes:
Education planning	Yes	No	N/A
1. Has need to start saving for college early been discussed?
2. Have college savings options been outlined or considered? Coverdell education savings accounts Series EE bonds Custodial accounts Section 529 plans Other savings/investment options
Notes:
Retirement planning	Yes	No	N/A
1. Have ways to resolve competing needs to save for retirement and a child’s education been discussed?
Notes:
Tax planning	Yes	No	N/A
1. Have changes to federal and state income tax situation been discussed? Additional exemptions Child tax credit Child and dependent care credit Adoption credit Use of flexible spending accounts
2. If child has already been born, has Social Security number been obtained?
Notes:
Other	Yes	No	N/A
1. Has eligibility for unpaid leave under the Family and Medical Leave Act of 1993 been determined?
2. Is paid leave available through state or employer (short-term disability benefits or other benefits)?
3. Have child-care options been discussed?
4. Adoption issues? Are adoption benefits through employer available?
Notes: