FINANCIAL FOCUS: Growing families should consider these financial moves

Published: Tuesday, January 21, 2014 at 09:31 PM.

Explore a custodial account. You might want to consider a custodial account, such as a UGMA or UTMA, that allows you to transfer assets for the benefit of a child under 21. (Consult with your tax and legal advisers beforehand.)

You don’t have to take care of all these items at once. But by methodically working your way through this list, you will eventually adjust your overall financial strategy to include your new child.

Joe Faulk is a financial adviser.

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