Expanding Your Family

Adding a new member to the family is a joyous, and truly amazing, life-altering event. The sooner you begin thinking about – and planning for – all of the additional financial considerations that come with a growing family, the more prepared you'll be.

  • Start a college savings plan before or with the arrival of your new addition. The earlier you begin, the easier it may be to accumulate significant funds, letting compound interest work its magic. Talk to your First Midwest Financial Consultant about opening a 529 college savings account, or joining the First Midwest Tuition Rewards program1.
  • Many people draft their first will or revise an existing will upon adding dependents to their family. A will helps ensure that your wishes – regarding guardianship, inheritance and other issues – will be followed in the event of your death.
  • If your employer offers a flexible spending account for child care expenses, you may want to take advantage of this benefit. It allows you to pay up to $5,000 in child care expenses with money that is exempt from federal income, Social Security, and Medicare taxes, and state income tax in every state but New Jersey.
  • This is a good time to carefully reevaluate all your insurance coverage, including health insurance, to make sure that it appropriately accommodates and protects your new addition.

Call 800-241-1749 to get connected with a First Midwest Financial Consultant today.

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Adoption Expenses

    As private adoptions can cost upwards of $20,000, be sure to look into the federal income tax credit for adoption-related expenses, which may include adoption fees, court costs, legal fees, and travel expenses. Your employer may offer adoption-related benefits, including reimbursement for some adoption expenses, or paid leave similar to maternity leave.

    Call 800-241-1749 to get connected with a First Midwest Financial Consultant today.

    Meet a Consultant

    Financial Security for Special-Needs Children

    If you have a special-needs child, talk to a First Midwest Financial Consultant about providing for their financial security. We will help ensure your child can receive gifts, inheritances, and life insurance policy proceeds while remaining eligible for public benefits, such as Supplemental Security Income (SSI) and Medicaid.

    Call 800-241-1749 to get connected with a First Midwest Financial Consultant today.

    Meet a Consultant

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