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Beginning or enlarging your family is a joyous event, but adding long-term expenses also ups the amount of planning you need to do. There are several steps you can take, starting before the new arrival, to smooth the path and manage healthcare and education expenses in a tax-advantaged way.
It’s a good idea to increase your cash reserve to accommodate unexpected expenses, and if you plan to scale back on work or take a sabbatical for a few years, it makes sense to plan this as much as a year in advance. Be careful to build a large enough cushion so that you are covering expenses while you are out and have a realistic time frame for how long it may take to get back to full-time work.
While your cash reserve is normally held in a higher-yielding savings... ...
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