Comments on: Five Financial Moves I Made Within Three Days Of The Birth Of My Daughter http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/ Simple, applicable personal finance advice for the modern world Sun, 22 Nov 2009 01:50:09 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Nikki http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-73236 Nikki Tue, 18 Sep 2007 20:52:58 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-73236 I am scared to start a 529 because in so many years, a lot can change, and although I want my kids to go to college, what if it's not in the cards at that time? Then what is the penalty to not use it for college? I am scared to start a 529 because in so many years, a lot can change, and although I want my kids to go to college, what if it’s not in the cards at that time? Then what is the penalty to not use it for college?

]]> By: J http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-67749 J Fri, 07 Sep 2007 13:10:17 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-67749 Believe it or not, I'm an estate planning attorney. I just was puzzled by something you wrote - you made your son and daughter secondary beneficiaries of your life insurance policy, but then you also said she would get the money in trust. These are two different things. Either you make a trust for the benefit of your daughter the beneficiary of a policy or you make your daughter the beneficiary. If it's the latter and she is under (18 in many states), there will have to be a guardianship established, which can be somewhat expensive, until she turns 18 (in most states) and the remaining money would then go outright to her. I agree that updating your Wills is also important, and nice thing there with the 529 plan. Just be aware that often management fees in those plans can be higher than other savings funds. Believe it or not, I’m an estate planning attorney. I just was puzzled by something you wrote – you made your son and daughter secondary beneficiaries of your life insurance policy, but then you also said she would get the money in trust. These are two different things. Either you make a trust for the benefit of your daughter the beneficiary of a policy or you make your daughter the beneficiary. If it’s the latter and she is under (18 in many states), there will have to be a guardianship established, which can be somewhat expensive, until she turns 18 (in most states) and the remaining money would then go outright to her.

I agree that updating your Wills is also important, and nice thing there with the 529 plan. Just be aware that often management fees in those plans can be higher than other savings funds.

]]> By: NIck Post http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-67329 NIck Post Thu, 06 Sep 2007 16:40:21 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-67329 I just started a 529 for our daughter who's 4. This is through our state and Van Kampen actually manages it. I specifically put it into their global (I really hope they go heavy into China). I'll retire one month after she starts college, so I have got to get my ducks in a row. Though, I could always use some of my 457b to help her. But, I've already told her, if she can get the military or a scholarship to pay for it, I'll give her $50k, which will be the equivalent of about 1.7 years of college, if the online extimates are right for my area. I just started a 529 for our daughter who’s 4. This is through our state and Van Kampen actually manages it. I specifically put it into their global (I really hope they go heavy into China). I’ll retire one month after she starts college, so I have got to get my ducks in a row. Though, I could always use some of my 457b to help her. But, I’ve already told her, if she can get the military or a scholarship to pay for it, I’ll give her $50k, which will be the equivalent of about 1.7 years of college, if the online extimates are right for my area.

]]> By: Ellen http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-67288 Ellen Thu, 06 Sep 2007 14:30:08 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-67288 Sign up for UPromise. (upromise.com) If you do any online shopping, do it through their website and earn cash for your child's college.( the stores contribute a percentage of your sale.) You can also register credit cards and grocery store savings cards. I did this awhile back, and although I don't often think about using it, I earned $150 painlessly. (It would have been much more if I had used it religiously) Friends and family can be added to your child's account so if they don't have college bound kids, their savings can be added to your account. The money can be deposited into a 529 account, or you can take it as cash. Good luck with your new addition. Sign up for UPromise. (upromise.com) If you do any online shopping, do it through their website and earn cash for your child’s college.( the stores contribute a percentage of your sale.) You can also register credit cards and grocery store savings cards. I did this awhile back, and although I don’t often think about using it, I earned $150 painlessly. (It would have been much more if I had used it religiously)
Friends and family can be added to your child’s account so if they don’t have college bound kids, their savings can be added to your account.
The money can be deposited into a 529 account, or you can take it as cash. Good luck with your new addition.

]]> By: Grant http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-66932 Grant Wed, 05 Sep 2007 22:08:24 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-66932 I agree with Geoff that you should update your will. If your will is designed properly it should handle all the effects of your estate such as life insurance benefits, establish what age the children inherit and who manages the estate for them if they are too young. Doing it this way means that as your circumstances change you do not have to adjust every different investment and policy - the will establishes your wishes very clearly I agree with Geoff that you should update your will. If your will is designed properly it should handle all the effects of your estate such as life insurance benefits, establish what age the children inherit and who manages the estate for them if they are too young. Doing it this way means that as your circumstances change you do not have to adjust every different investment and policy – the will establishes your wishes very clearly

]]> By: Jennifer Ritchie http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-66900 Jennifer Ritchie Wed, 05 Sep 2007 20:43:02 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-66900 Congratulation on the baby! Great web page you have here I have learned a lot Congratulation on the baby!
Great web page you have here I have learned a lot

]]> By: Leo http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-66881 Leo Wed, 05 Sep 2007 19:40:16 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-66881 529? I had to work my butt off to get through college and so will my children. It's a tradition in my family. My parents are very wealthy and helped out when I got into money trouble a few times, but that's about it. Making your own way builds character. We would have made good Spartans. 529? I had to work my butt off to get through college and so will my children. It’s a tradition in my family. My parents are very wealthy and helped out when I got into money trouble a few times, but that’s about it. Making your own way builds character.

We would have made good Spartans.

]]> By: Amanda http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-66880 Amanda Wed, 05 Sep 2007 19:37:09 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-66880 Many congratulations to you! Many congratulations to you!

]]> By: Laura http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-66874 Laura Wed, 05 Sep 2007 19:13:10 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-66874 congrats! your kids are going to be saavy. College costs are only gonna go up, and damn but they're expensive already. congrats! your kids are going to be saavy. College costs are only gonna go up, and damn but they’re expensive already.

]]> By: Geoff http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-66868 Geoff Wed, 05 Sep 2007 18:47:43 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-66868 One additional item for your task list ... update your (and your wifes) wills. If you don not have wills then get them. One additional item for your task list … update your (and your wifes) wills. If you don not have wills then get them.

]]> By: steve http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-66859 steve Wed, 05 Sep 2007 18:20:09 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-66859 congratulations! my first daughter was born 10 days ago, so this is a very helpful post to give me some great ideas on how to help my daughter out financially! congratulations! my first daughter was born 10 days ago, so this is a very helpful post to give me some great ideas on how to help my daughter out financially!

]]> By: PF http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-66839 PF Wed, 05 Sep 2007 17:39:20 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-66839 Congratulations! We are expecting a daughter in 8 weeks. This is my first. Within 3 days of her first birthday, she can expect to get fed, burbed, and changed! I was told that in Colorado, no one under 18 can inherit money directly, even if you have them listed as beneficiaries. A custodian will be established and the money will go to them on behalf of the children. Do you have a trust set up for your children? We will be doing that shortly. Congratulations! We are expecting a daughter in 8 weeks. This is my first. Within 3 days of her first birthday, she can expect to get fed, burbed, and changed!

I was told that in Colorado, no one under 18 can inherit money directly, even if you have them listed as beneficiaries. A custodian will be established and the money will go to them on behalf of the children. Do you have a trust set up for your children? We will be doing that shortly.

]]> By: Daria http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-66836 Daria Wed, 05 Sep 2007 17:35:23 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-66836 I just wanted to echo the congrats! I just wanted to echo the congrats!

]]> By: Pinyo http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-66817 Pinyo Wed, 05 Sep 2007 16:31:00 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-66817 Congratulation and thank you. This post will be valuable to me in the near future. Congratulation and thank you. This post will be valuable to me in the near future.

]]> By: Daisy http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/comment-page-1/#comment-66814 Daisy Wed, 05 Sep 2007 16:22:30 +0000 http://www.thesimpledollar.com/2007/09/05/five-financial-moves-i-made-within-three-days-of-the-birth-of-my-daughter/#comment-66814 I forgot to give you my congratulations on your new daughter. :) Anyway, it's real good you're starting to save for them this early. I think my parents also did that for me, and it helps to know I have that to fall back on. I forgot to give you my congratulations on your new daughter. :)

Anyway, it’s real good you’re starting to save for them this early. I think my parents also did that for me, and it helps to know I have that to fall back on.

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