S2 E30 - Financial Planning for New Parents - 529s, Insurance, College Savings, and Estate Planning Essentials

Blue Chip FM

Watch the full episode on YouTube here!

Join Matthew Mondoux and Dan Seder in this episode of Blue Chip Now as they explore critical financial planning strategies for new parents, alongside guests Emily Prater, a CFP® professional, and Gina DiGirolamo, who recently passed the CFP® exam. With Daniel Dusina on paternity leave, the discussion centers around college savings options like 529 plans and the significance of estate planning and life insurance for ensuring a family's financial security. This episode is a must-listen for parents and grandparents looking to make informed decisions about their financial futures. Key Points From This Episode:

[00:00:00] Start

[00:00:45] Market recap: Recent stock declines, treasury yield changes, and the impact of the CrowdStrike outage on the airline industry.

[00:03:30] Introduction of financial advisors Emily Prater and Gina DiGirolamo; focus on financial planning for parents.

[00:04:15] Analyzing 529 college savings plans: Tax advantages and the Michigan-specific MESP and MET plans.

[00:06:27] Gifting and contribution strategies for 529 plans, including the superfunding option for maximizing savings.

[00:09:30] Flexibility of 529 plans for K-12 education and the potential for rollovers into Roth IRAs.

[00:13:22] Evaluating the pros and cons of 529 plans versus prepaid tuition plans for education savings.

[00:16:33] Estate planning basics for young families: Ensuring wealth transfer and financial security through trusts and wills.

[00:19:11] Term vs. permanent life insurance: Determining the right coverage to support family financial goals.

[00:21:53] Importance of revisiting insurance needs as family situations evolve and securing coverage early for cost benefits.

[00:22:50] Final thoughts on maintaining insurability and why now is the best time to secure life insurance. Links: Blue Chip Partners Matt Mondoux on LinkedIn Dan Seder on LinkedIn Emily Prater on LinkedIn Gina DiGirolamo on LinkedIn

Tags: Financial planning, Parental planning, 529 plans, College savings, Prepaid tuition plans, Cybersecurity, CrowdStrike outage, Airline industry impact, Tax benefits, Michigan education savings, Life insurance, Estate Planning, Term insurance, Permanent insurance, Financial Advisor, Wealth Management, Probate avoidance, Powers of attorney, Trusts and beneficiaries, Market analysis

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