Good Financial Reads: Financial Planning for Your Family

Five to Survive: A Financial Checklist for New Parents

by Ally Ecklund, Zestiny Wealth

The global baby care products’ market was valued at $226 BILLION in 2023. WOWZA!!

New parents are a marketers’ dream and there are so many products to solve problems you didn’t even know about – just ask a new dad about the first time cutting his newborn’s nails! It’s understandably easy to get overwhelmed not only with the constant advertising, but all of the upcoming changes and unknowns for your family.

How do you allocate your dollars and most importantly, your time and energy preparing for the arrival of your new human and surviving the fourth trimester? Here’s a financial checklist for new parents centered around five financial areas to consider to help you survive and maybe, just maybe, even thrive as you adjust to your growing family!

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What Are My Options For College Savings For My Child?

by Michael Reynolds, Elevation Financial 

Saving for your children's college education is one of the most important financial decisions you'll make as a parent. With the cost of higher education rising steadily, it's a great idea to start planning early and understand your options.

According to the College Board, the average tuition and fees for a four-year public university have increased by over 30% over the last decade, outpacing inflation and wage growth. This trend shows no signs of slowing down, making it more challenging for families to afford college without substantial savings or taking on significant debt.

Starting to save early gives you a huge advantage. By beginning your college savings journey when your children are young, you benefit from the power of compound interest, allowing your money to grow over time.

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Stepped-Up Basis Loophole: What It Is & Why It Matters

by Alvin Carlos, District Capital Management

When planning your financial legacy, one tax concept can have a significant impact on your heirs: stepped-up basis. Though often labeled a “loophole,” this long-standing tax rule is perfectly legal—and potentially very beneficial.

While the stepped-up basis rule remains in effect today, it continues to face scrutiny in Washington. Several tax reform proposals have targeted it for potential repeal or modification—changes that could significantly impact your estate strategy and long-term planning.

Understanding how the stepped-up basis loophole works is crucial to minimizing your heirs’ capital gains tax exposure, both legally and efficiently. This guide walks you through what the loophole is, how it works, and what smart estate planning strategies you can use to adapt.

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