Beyond the joy brought to parents from having or adopting a child, this is a huge financial transition in their lives. There are a number of issues to consider including how the costs of caring for a child will impact both their short-term cash flow and their long-term saving and wealth-building objectives.
In this checklist, we cover a number of financial issues that you should consider when having or adopting a child, including:
- Cash Flow Issues
- Asset and Debt Issues
- Insurance Planning Issues
- Tax Planning Issues
