New Baby Checklist

Helpful tips for new parents to consider

Health Insurance  

  • Add your new baby to health insurance
  • Review for adequate coverage 

Legal Considerations

  • Consider designating your new child as beneficiary on bank accounts, insurance policies, investment accounts, and retirement accounts
  • Review life insurance policies for adequate coverage
  • Review or consider disability insurance 

Estate Planning

  • Review Trust documents or Wills that were created before the birth of your new child with an Attorney and make necessary changes
  • Designate guardianship in the event of parents' death. It is imperative to have this in place.

Financial Considerations

  • Create a monthly budget with new expenses
  • Review debt for rate, term and consolidation options
  • If you don't already have, start an emergency fund
  • Consider saving early for college
  • Consider opening a minor savings account

Taxes 

  • Seek advice from an Accountant for new tax credit rules

 

We're here to help!

If you have questions, give us a call at (877) 820-2265, schedule an appointment, or stop by one of our branch locations.

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This information is prepared and made available as a courtesy. Macatawa Bank does not provide legal advice; the information herein does not substitute legal or financial advice directed to your situation. We do not warrant the accuracy. It is recommended you consult with the appropriate professional for guidance and assistance. 

Products offered by Macatawa Bank Wealth Management are: Not insured by the FDIC. Not a bank deposit, bank obligation, or guaranteed by the bank. Subject to investment risk, including potential principal loss.

 

 

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