Family Life . . .
Having a child
This changes everything. Suddenly, you're responsible for this brand new little person. It's an unbelievable feeling. But it comes with unbelievable new responsibilities. After all, it's no longer just the two of you. Not to fear. With a little planning and preparation, you'll be ready to experience all the joys of being a new parent.
Consider this. Some of the things you now need to consider have never crossed your mind before. And we're not just talking strained peas versus apple sauce. Luckily, working with Arcis, new families are able to understand all the challenges and opportunities that lie before them when they have a child. We can help answer your questions, including:
- What health insurance plan should I choose?
- Should I open a flexible spending account?
- Do I qualify for child tax credits?
- What are the implications of taking maternity/paternity leave from work?
So much more to protect. As soon as you have a baby, you have so much more to look out for than just your own financial interests. All of a sudden, there’s another human being who is utterly dependent upon you for, well, everything.
Looking after your new baby’s immediate needs is practically a full time job. But don’t let that distract you from keeping an eye to the future. Daycare, preschool, camp, piano lessons, math tutors — they’ll all be here before you know it. And with them comes expense. Saving now for your child’s future will help you meet those expenses more easily.
Saving for college
Contrary to what your child or grandchild may constantly tell you, that new video game system is not the best present ever. Know what is? An education. Nothing is more important to helping the children in your life reach their full potential than a good education. Paying for it, however, can keep even the most steel-nerved among us pacing the bedroom floor at night.
Help is out there. There is no shortage of grants, scholarships and loans available for deserving students. If anything, there may be too many of them out there. Making sense of all the options for financial aid sometimes feels like it requires its own specialized degree. Don’t worry, it doesn’t. But having someone who can lead you through the maze of options is invaluable. That’s where a Guardian Financial Representative comes in. Our Representatives have extensive experience guiding parents and grandparents from all walks of life through the process of funding a college education.
Study the options. There's no single correct answer to the question of how to fund your child’s education. It is all dependent on your particular family circumstances and the legal and tax environment in place when your child is ready to go to college.
Keep your eyes on the stars and your feet on the ground. – Theodore Roosevelt
Changing Careers
Facing the unknown can be a trying experience, whether you’re excited about starting in a new position, you’re stressed after being laid off, or you’re switching careers and are uncertain about what tomorrow will bring. At times like this, it’s always a good idea to talk to a professional about the best course of action when your career takes a brand new turn.
Losing a job. Losing your job can be a truly nerve-wracking experience. It’s important to remember, though, that a short-term career setback doesn’t need to completely derail your long-term goals. Arcis can work with you to find the best way to meet your immediate needs while minimizing the impact on your financial future. This may involve restructuring your financial strategy or utilizing existing assets in the most efficient manner.
Starting a new job. It's not just about what lies ahead of you in a new job. It's about what you're leaving behind. Friends. Coworkers. And probably a 401(k), as well. Rolling any retirement savings from your old jobs into a Rollover IRA can offer you substantial benefits over simply letting them gather dust.
Starting a new job is also the perfect time to make sure you’re deriving enough benefit from your benefits package. While many employers offer life insurance, disability insurance and long term care, they typically don’t provide adequate protection when you need it most. Besides, if you ever leave your job, those benefits may not be portable, leaving you without any coverage at all.
Beginning a new career. When switching careers, you’re likely to face a little more uncertainty than when you simply change jobs. And it may take some time before you have the financial stability and security you had in your old career. This is a great time to talk to Arcis about getting off to a fresh start with a long-term plan to match your new career.
Opening a small business. Making the decision to launch a small business doesn’t come easy. And once you do it, you can use all the help you can get. Arcis can help you navigate the challenges and opportunities of being a business owner.
Planning for dependents with special needs
Having a child with a disability can be one of the greatest sources of concern in a parent's life. If your child is likely to be dependent upon you for his or her entire life, it adds a whole new layer of worry — you worry about guardianship issues, you worry about the financial toll, you worry about the effect on your other children. While Arcis can’t alleviate every concern, we can help ensure you have a plan in place to meet the financial needs of your children, even after your death.
Plan for today’s expenses. Medical expenses. Therapies. Home help. Caring for a child with special needs can place a great deal of strain on your finances.
- Family — Many parents of special needs children turn to their extended family for some degree of physical, emotional, and financial assistance.
- Government assistance — A variety of resources may be available to you, including educational programs, care institutions, medical facilities, and financial assistance.
- Charitable organizations — Charitable organizations may also provide counseling, medical assistance, home care assistance, and other services.
Plan for a secure tomorrow. Financial security for your special needs child is an essential goal. If you die or become disabled, you need to ensure your children’s needs will be looked after. Arcis can help you deploy your assets effectively to address issues such as:
- Leaving money directly to the special needs child. This can help the child live an independent life, but may also disqualify him or her from receiving many types of needs-based aid from government agencies or charities.
- Disinheriting the special needs child and relying on family benevolence and government programs for all needs. This approach assumes that both government assistance and family members’ ability to look after the child will continue unabated in the future.
- Creating a special needs trust may provide financial security for the special needs child while allowing the child to qualify for government benefits. This option eases the burden placed on family members while helping ensure continuing care for the indefinite future.
