The Costs of Raising a Child

You might be emotionally ready to have a child, but are you financially ready? Today, the Huffington Post detailed the approximate costs of having a child and raising him/her until they reached 17 years of age, and the numbers, although conservatively low, are still astonishing to first time parents who might not realize how much…

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It’s Time To Think About Finances

Finances. It’s usually the most overlooked topic when one considers parenting. Having a child is costly, and more importantly, unexpected expenses will occur. So when considering a parenting partnership, the subject of finances should be discussed early on. How will each of you contribute financially? Each partnership will be different and have unique circumstances. One…

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Nanny Tax – What You Need To Know

Thinking of using a babysitter, or already paying a part-time nanny? Make sure you are doing it right, otherwise you might be liable for back taxes. Under current law any family or individual who employs someone they pay more than $1,800 a year is considered an employer in the eyes of the IRS and is…

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Anthony Brown

Financially Protecting Your Child in a Parenting Partnership

Co-parenting families are unique in many ways.  From an Estate Planning point of view, the most significant difference is the lack of a marital relationship to secure basic protections.  So how can you make sure that you, your co-parent and your child are adequately protected? First, get on the same page with your co-parent about…

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Anthony Brown

Why Parenting Partners Need To Save Financial Records

Hindsight is 20/20.  While most people do not think about, much less prepare for, their unexpected death, I can guarantee you that a little pre-planning will save you a lot of time and a lot of money upon the death of a loved one.  This is particularly important when it comes to parenting partners, who…

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Anthony Brown

Are You Ready For “The Talk”?

Friday December 14th 2012 will forever live in the souls of all Americans, particularly American parents, as a day of terror, shame and heartbreak.  The Sandy Hook Elementary School shootings were an unconscionable reminder of how the unexpected can change everything.  On a very personal note, I spent that day alternately weeping and hugging my…

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darren

A Wake-Up Call for Known Sperm Donors

So you think you’re just a known sperm donor and not a legal parent?  You may need to think again. The state of Kansas has filed a claim against a known sperm donor who had actually signed an agreement with the intended parents that stated he would not be financially responsible for the resulting child. …

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darren

Can You Afford To Become A Parent? Got 500k?

You may want to sit down for this: a newly-released study from the U.S. government finds that the average cost of raising a child from birth to age 17 in the United States is now $235,000. And that’s without including college expenses. And for higher earners living in a high-cost city like NYC, LA, SF…

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darren

Splitting the Tax Benefits Between Parenting Partners

With all the discussion going on around the U.S. Presidential election, its hard to tell who will win and who will lose – when it comes to income tax levels, that is. Yet despite the uncertainty, new parenting partners should pay attention to the fact that they can take advantage of some tax breaks for…

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Anthony Brown

Welcome to the FBD Estate Planning Blog!

Welcome to the Family By Design Estate Planning Blog!  I am delighted to host this forum for co-parents and potential co-parents and look forward to addressing the estate planning issues that will undoubtedly confront parenting partners on their journey to creating the family that they want. A couple of givens to start: first, the ground…

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