Nihara K. Choudhri - Preparing for Baby: All the Legal, Financial, Tax, and Insurance Information New and Expectant Parents Need

ALL THE LEGAL, FINANCIAL, TAX, AND INSURANCE INFORMATION NEW AND EXPECTANT PARENTS NEED

CHAPTER 1
Your Workplace Rights before and after Baby Arrives

CHAPTER 2
Establishing a Legal Identity for Your Child

CHAPTER 3
Hiring a Nanny

CHAPTER 4
Education Savings Plans

CHAPTER 5
Life and Disability Insurance

CHAPTER 6
Tax Breaks for New Parents

CHAPTER 7
Wills and Estate Planning

C ONGRATULATIONS! If you are reading this, chances are you have a new baby on the wayor your little one just arrived. Whether this is your first child or your third, you are in for an amazing adventure. So much wonder and enchantment lie ahead, from your babys first steps and words to your childs first days at kindergarten and beyond. We hope youll savor every fleeting moment.

Along with the joy of parenthood comes a hefty set of responsibilities. You have so many things to worry about doing right, starting from the basics (like nutrition and sleep) to the more complex task of overseeing your childs emotional, social, and educational development. Parenthood is going to keep you busier than you ever imagined.

Between diaper changing and midnight feedings, you probably wont have much time or energy to tackle the legal and financial aspects of being a good parent. We doubt youll want to spend babys precious nap time researching the ins and outs of life insurance or the tax breaks you might be eligible for as a new parent.

Thats where this book comes in. We created Preparing for Bab y to help new and expecting parents navigate the many legal, financial, tax, and insurance issues that are part and parcel of the parenting process. No need to lie awake at night wondering how many weeks of leave you can take after your baby arrives, or whether you can claim a tax deduction for your child care expenses. Weve done the research for you in this all-in-one resource that tells you what you need to knowand only what you need to knowabout everything from setting up a college savings plan to creating a will.

Our approach to writing this book was simple: We wanted to make it as easy as possible for parents like you to understand the important but complicated legal and financial issues that affect new and expecting parents. You wont find any legalese or textbook-style explanations here. Instead, we cover each topic step-by-step in plain English, in an accessible question-and-answer format.

If weve done our job right (and were pretty sure we have), this book will save you hours of time and maybe even a little money. You can spend that time doing far better thingslike enjoying the magic of parenthood, or just taking a much-needed nap.

Dont get scared by the size of Preparing for Baby . Its not meant to be read cover to cover.

We have designed this book so that each chapter stands alone. You dont need to read the first three chapters, for example, if youre interested in learning about the material covered in . Instead, you can just read the chapter or the sections that address the topic that concerns you at any given time. Feel free to jump around as needed. We expect that youll pick up this book to learn about a particular issue that is on your mindsay, college savings plans, for exampleand then youll set it down until the next issue arises. Think of Preparing for Baby as a reference guide rather than a how to manual you have to read page by page.

Throughout the book, youll see a few different icons that break out particular types of information.

Symbol indicates helpful information you might need to know.

Symbol warns you of something you may have to be careful about.

Symbol suggests an idea you might want to consider.

Symbol lists additional resources where you can learn more about a particular topic.

Symbol tells you a fact or statistic you might find interesting.

Symbol thanks an expert for reviewing the information in the chapter.

Can I use this book instead of hiring a lawyer or a financial expert?

No. You should use Preparing for Baby only as a starting point when considering particular legal or financial issues, like choosing a guardian for your child or weighing your disability insurance options. This book is in no way a substitute for the advice of a lawyer or financial expert. Only a lawyer can provide you with guidance on how the law applies in your particular situation. Similarly, only a financial expert can advise you on whether a specific financial product is the right choice for your family, or whether you are eligible for a particular tax break.

Is all of the legal and financial information in Preparing for Baby accurate and up to date?

We have done our very best to ensure that all of the material in Preparing for Baby is accurate and up to date, both through independent research and by consulting experts. Having said that, its important to remember that laws change constantly, particularly at the state level. Similarly, the rules governing tax breaks, and the details of financial products, also change frequently. Be careful to check the latest laws and rules before making any important decisions.

Where can I get up-to-date information on the latest laws and financial information?

Throughout this book, we list additional resources where you may be able to find the latest laws and the most up-to-date financial information. (Webpages are much easier to update than books!) The safest course of action, however, is to check with a lawyer or a financial professional in your state before making any decisions based on the information in Preparing for Baby .

F EW life events can make work more complicated than the arrival of a new baby. If you are pregnant, you may worry that your employer might treat you differently because you are expecting. You may also need to take time off from work during your pregnancy, or request modifications to your job, because of a pregnancy-related medical condition.

After your baby arrives, you will almost certainly want to take several weeks off from work to care for and bond with your little one. At the same time, you have to make sure that you will still have a job waiting for you when you are ready to return to work.

This chapter covers many of the most pressing workplace challenges and concerns you might face as a new or expecting parent, including:

• Pregnancy-related workplace issues. We discuss pregnancy discrimination, your right to pregnancy-related job modifications, and your right to take time off from work during your pregnancy.
• Maternity and paternity leave. We cover your rights under the federal Family and Medical Leave Act (FMLA). We also touch on your right to take leave under state law.
• Breastfeeding-related issues. We address your right to take reasonable breaks during the workday to pump for your little one.