Community› The Bump Message Boards› Babies: 9 - 12 Months
Babies: 9 - 12 Months
New Discussion

saving for college, estate planning, life insurance?

bv27bv27
in Babies: 9 - 12 Months

I was wondering if anyone had set up anything like a college fund for their baby yet and set up a will or trust as non-employer-supplied life insurance for their child in case of the worst occurring.

What have you done with regard to saving for college?

Is thinking about all these things a bit anal? 

We haven't done anything yet although we keep thinking about getting around to it, so I'm not sure if we've been remiss. Curious about what other parents have done to figure out which we need to do first....

Report Reply to Post

Re: saving for college, estate planning, life insurance?

  • eminbmoreeminbmore member
    We met with a financial guy last week to figure all of this out.  He's going to help us allocate the appropriate amount for a college fund, retirement, etc.  DH and I are kind of clueless about that kind of thing.
    Baby Birthday Ticker Ticker

    Baby Birthday Ticker Ticker
    imageimageimage
    Report Reply
  • Loading the player...
  • Ankea97Ankea97

    We have living trusts- got everything in line before DS was born.  Also got all of the paperwork done re guardians, etc.

    We have a 529 plan set up for him as well and donate to it every month.

    We both have life insurance through work and increased our #'s.

    I don't think it is anal at all. 

    Report Reply
  • madhatter2003madhatter2003

    We have life insurance, both through work and a private policy which is much much bigger.

    We have 529 plans set up, mainly for my parents to put money in  Stick out tongue

    We have a will, but need to update it.

    My two PCOS miracles! Lilypie Kids Birthday tickersLilypie Kids Birthday tickers
    Report Reply
  • kamcfarlanekamcfarlane member

    definitely not anal to think about these things now - just responsible!

    as for college savings, a 529 plan is probably the easiest way to go. you (might, depending) get a state tax deduction for contributions as a bonus.

    as for life insurance/wills/estate planning, spend the money on a good estate attorney. they will set up the will/trust and advise you on how much life insurance you need. both DH and i are attorneys (i'm even a tax attorney) and we still went to a specific estate planning attorney for this stuff. it shouldn't be that expensive and will be totally worth it for piece of mind. ask around to friends with LOs, someone is bound to know someone! or, if you're in WI or CO, let me know and i can find someone for you!

    good luck!

    Report Reply
  • lzbflogrllzbflogrl
    we dont have a college fund right now.  but i have the max life insurance for family through work which is great coverage and DH and I both contribute to our retirement and he is life insurance as well
    Report Reply
  • bv27bv27

    Thanks, Ladies!

    My husband and father-in-law were telling me that I was worrying about this stuff way too soon. I just needed to know other people are doing this stuff pretty much right away so I don't let them put me off from it.

    Gonna go hunt a good estate planning attorney now.

    Report Reply
This discussion has been closed.
Choose Another Board
Search Boards
"
"