Starting a Family

Many people mistakenly believe that financial advisors are only necessary for the wealthy or those nearing retirement. In reality, a financial advisor can be valuable at various stages of life, especially during or preparing to start or grow a family.

Whether you're preparing to welcome a new baby, considering IVF, exploring adoption, or ready to blend your family, the path to parenthood is deeply personal - and often complex. Alongside the emotional journey comes many financial decisions that can shape your future. We're here to help you navigate the planning process so you can focus on what matters most: building a strong, loving family.

Having a Baby

Bringing a baby into the world is exciting—but it also comes with new responsibilities, both emotionally and financially. From prenatal care to diapers and daycare, early planning can ease the transition and help you feel confident as you grow your family.

Key Financial Considerations

Health insurance coverage: Review your policy's maternity and pediatric care benefits
Prenatal leave: Understand your employer's leave policies and how time away may affect income
Childcare: Begin budgeting for daycare, nannies, or alternative care options
Emergency savings: Revisit your emergency fund to ensure it can support your expanded family
Life insurance and estate planning: Update or create wills, designate guardians, and consider term life insurance.
Future expenses: Begin saving for education early, even if it's just a small monthly contribution

IVF & Fertility Treatments

For many, growing a family may involve fertility treatments like IVF, which can be emotionally and financially demanding. Understanding the full scope of treatment costs and planning ahead can reduce financial stress during an already sensitive time.

Key Financial Considerations

Cost of treatments: IVF can range from $10,000 to $30,000 per cycle, often not fully covered by insurance
Medication expenses: Fertility drugs may cost thousands and vary depending on the type
Insurance coverage: Explore your policy or employer benefits for fertility-related inclusions
Success rates and multiple cycles: Factor in the possibility of undergoing more than one round
Alternative options: Consider the cost of egg or sperm donors, surrogacy, or embryo adoption
Emotional support: Therapy or counseling expenses may be part of the journey

Adoption

Adoption is a beautiful way to grow a family, and it comes with its own unique set of legal, emotional, and financial steps. Whether adopting domestically, internationally, or through foster care, thoughtful preparation helps ensure a smoother experience.

Key Financial Considerations

Agency and legal fees: Domestic and international adoptions can range from $20,000 to $50,000+
Travel expenses: International or out-of-state adoptions may require extensive travel
Home study and legal requirements: Include court fees, background checks, and home inspections
Adoption tax credit: Take advantage of federal tax credits and employer adoption assistance, if available
Post-adoption support: Include therapy, healthcare, and education transition services in your plans

Blended Families

Blending families involves more than just love—it requires thoughtful integration of lifestyles, parenting approaches, and financial systems. Open communication and proactive planning can reduce friction and build a unified foundation for your new family.

Key Financial Considerations

Household budgeting: Combine income, expenses, and savings goals to reflect the new family structure
Child support and alimony: Factor in ongoing obligations and how they affect the household finances
Legal documentation: Update wills, trusts, and powers of attorney to reflect new relationships
College funding: Review or adjust savings plans for biological and stepchildren
Insurance and benefits: Ensure all dependents are covered under health, dental, and life insurance policies
Communication: Consider financial counseling or family meetings to align values and expectations.

Egg or Sperm Donor Programs

For individuals or couples facing fertility challenges, egg or sperm donor programs offer the chance to build a biological connection with their future child. Choosing to use a donor is a deeply personal decision, and it comes with unique legal, emotional, and financial implications.

Key Financial Considerations

Donor screening and compensation: Egg donors typically receive compensation, and extensive medical testing is required for both egg and sperm donors
Agency or clinic fees: If working with an agency, expect fees related to coordination, matching, and administration
Legal agreements: Legal contracts are necessary to define parental rights and ensure future clarity
IVF treatment costs: Donor eggs are often used with IVF, adding to the total expense
Storage fees: If embryos or sperm are stored for future use, plan for ongoing cryopreservation costs
Counseling: Donor-conceived families may benefit from psychological counseling before and after treatment

Surrogacy

Surrogacy allows individuals and couples to grow their family with the help of a gestational carrier. While the process is emotionally rewarding, it also involves legal complexity, significant costs, and careful coordination between all parties.

Key Financial Considerations

Surrogate compensation: Gestational carriers are compensated for their time, risk, and commitment, typically between $40,000 and $75,000+
Agency and coordination fees: Agencies help with matching, legal logistics, and medical coordination
Medical costs: IVF, prenatal care, labor, and delivery expenses are typically covered by the intended parents
Insurance: Not all health insurance policies cover surrogacy-related care, and supplemental policies may be needed
Travel and lodging: If the surrogate lives in another state, travel may be required for appointments and birth

Embryo Adoption

Embryo adoption involves adopting embryos created by another family through IVF. This option allows intended parents to experience pregnancy and childbirth while giving unused embryos a chance at life. It’s an increasingly chosen path that blends adoption with assisted reproduction.

Key Financial Considerations

Embryo matching and transfer fees: Costs can range from $5,000 to $15,000, depending on the clinic or adoption agency
Legal agreements: Contracts are often required to clarify parental rights and responsibilities
Medical expenses: Costs for screening, fertility medications, and embryo transfer procedures are usually the responsibility of the adoptive parent(s)
Travel: if the embryos are stored out of state, transportation or travel to the clinic may be necessary
Success rates and multiple transfers: Consider the possibility of needing more than one embryo transfer cycle
Emotional and ethical considerations: Families should be prepared to address future conversations around the child's genetic origin

Compare Your Advisor

Choosing the right advisor is a crucial step towards achieving your financial goals. Our Advisor Comparison Worksheet is designed to help you make an informed decision by comparing the comprehensive range of services we offer against other advisors.

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