Planning Beginner: Financial Issues for New Parents

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1.
Perhaps the best reason to build up savings before having a child is that _______.
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You may not be working for a while after the child is born. Prepare by building up a savings fund.
2.
You can select a person to act as guardian for your child after your death in your _______.
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Will. Guardians for children are named in the parents' wills.
3.
In order to qualify for free public services, special-needs children must pass a financial means test.
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True. In order to qualify for free public services, special-needs children must pass a financial means test.
4.
If you (or you and your partner) do not designate a guardian for your child in your will, and you both die, who will then appoint a guardian for the child?
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A court. If it is not spelled out in a will, then a court will designate a new guardian.
5.
The Coverdell savings account is a means of saving for your child's _______.
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Education costs. The Coverdell and the 529 are two plans by which you can start saving up for future college expenses.