Investing In Your Family and Future
This is a wide topic and many of the websites listed on the Investment and Retirement page will speak to this topic. Some additional things to consider are listed below along with helpful links as appropriate.
Disability Insurance
Life Insurance
Umbrella Insurance
Estate Planning
College Accounts for Children (529 Plan)
Disability Insurance
- Things to consider
- When to get? - Earlier the better. Before any "medical" condition is discovered.
- Often cheaper to get a policy prior to graduating residency
- Often cheaper prior to any injury(s) that may put a rider/restriction on the policy, such as a pre-existing condition such as a back injury with treatment or pregnancy/child-birth.
- Men - before 30
- Women - before 30 or pregnant
- Does your employer have a policy for you built into your contract? (This will often dictate how much extra you can get out on the market)
- Obtaining disability insurance designated as "specialty-specific" and "own occupancy"
- When to get? - Earlier the better. Before any "medical" condition is discovered.
Life Insurance
- Things to consider
- Whole vs. Term Life Insurance (CONCENSUS = Do NOT buy Whole Life Insurance).
- Term - How much? Laddering the policy years (i.e., two policies, 20 and 30 year - briefly explained here / here and in more detail here)
- Often cheaper to get the younger (and healthier) you are
- When to get
- Men - before 30
- Women - before 30 or pregnant
Umbrella Insurance
- Additional asset protection policy ("excess personal liability") insurance above what you may already have under your auto or homeowners insurances. This is often inexpensive (a couple hundred of dollars/year) for a several million dollar add-on policy.
- NOTE - this does not add supplemental coverage to a Malpractice Insurance policy you would get from your employer when if/when you get named in a medical malpractice suit.
- NOTE - this does not add supplemental coverage to a Malpractice Insurance policy you would get from your employer when if/when you get named in a medical malpractice suit.
Estate Planning
- Items To Plan Out and Do
- Creating a Will - to dictate where your money, assets, and children go on your behalf, when you die
- Power of Attorney
- Living Will
- Estate Planning - in a tax-efficient way
- Current Financial Items
- Check the beneficiaries on all financial accounts - retirement, insurances, investing, bank accounts, etc.
- Creating a Will - to dictate where your money, assets, and children go on your behalf, when you die
- Much of this can be done...
- Online - Using a online service such as Legal Zoom or Rocket Lawyer
- In-Person - Using an estate planning attorney - this may be the better option as they can guide you through the process so you do not miss anything. Laws can differ between states, and they will have this knowledge. They can also help set up the estate to minimize the amount of financial implications such as estate and inheritance taxes. It also may make sense to council with your accountant as well, to make sure both sides (law and finance) align appropriately in the most efficient way possible
College Accounts for Children (529 Plan)
- A529 529 plan is a "tax advantaged savings account" for saving for future educational costs.
- One can place money into the account that can be invested and will (hopefully) grow overtime. Withdraws must be used for educational purposes. They also offer a tax deduction potential, depending on your state
- Initial information from the US Securities and Exchange Commission (SEC) can be found here and here.
- Online Resources
- Saving For College
- College Backer
- College Savings
- White Coat Investor - Best 429 Plans: Reviews, Ratings
- A search of WCI + 529 will produce numerous articles on the topic