Financial Planning for Parents

Becoming a parent reshapes both your finances and your free time, often at the same moment. True Riches FP helps new parents and those raising families offload the financial mental load to a trusted expert, so you stay on track while spending your limited free time and energy on What and Who matter most — with a flat fee, fiduciary advisor who always acts in your best interest.

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Financial Planning Designed for the Unique Demands of New Parents and Raising a Family

Becoming a parent rewires your financial life almost overnight. Life and disability insurance, an estate plan with wills and guardianships, a Dependent Care FSA, tax-optimized savings vehicles for your kids' future, health insurance cost changes, parental leave coordination, and childcare costs that can rival a mortgage all land at once, in the same season when your free time and mental bandwidth is shorter than it's ever been. That's why you need a family financial advisor who can take this season's financial details off your plate, so you stay on track for your long-term goals while spending your limited time and energy where it matters most.

The New Parent To-Do's — Handled

We work through the full wave of decisions that arrive when you bring a child into the world. Term life and disability insurance sized to your family's actual expenses, an estate plan with guardianship elections and a children's trust, Dependent Care FSA and HSA optimization, 529 vs UTMA vs Trump Account tradeoffs, W4 updates for the Child Tax Credit, parental leave income coordination, and more — so nothing important gets missed or falls on your already-full plate.

Long-Term Goals — Still On Track

While you're focused on the weeds of parenthood and careers, we keep your long-term plan moving forward. Kids future education costs, cash flow planning, building retirement savings, tax planning, and the real tradeoffs between today's lifestyle and your kids' future all stay coordinated under one framework — so you can be fully present with your family today but confident you're still on track for the life you truly desire.

A Comprehensive Financial Plan Built Around Your Family

From the new parents financial checklist to college graduation, we create a comprehensive financial plan that grows alongside your family. Insurance, estate planning, education funding, tax strategy, retirement, and generosity all live under one ongoing framework we manage on your behalf. Our custom investment approach, proactive tax planning, employer-benefits coordination, and quarterbacking the "financial to-do list" are all part of our ongoing service to give young families confidence that Who and What matters most are planned for with care and intentionality.

Ready to Offload the Financial Mental Load?

You're already doing the most important work of your life at home and at work. Let us handle the financial details, so you can focus on your family, confident that your long-term plan is moving forward without you having to manage it. Schedule a free consultation with True Riches FP today — flat fee, no commissions, always in your best interest.

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The True Riches Process

True Riches gets you to your goals through a simple, effective, and proven four-step ongoing process. Here's what you can expect when you become a client:

Clarity

Full Picture View

 Optimize with unified dashboards, consolidated accounts, and streamlined tracking.

Gain Clarity
Planning

Clear Direction

Identify stewardship priorities, collaborate on joint goals and values, and set the compass.

Make a Plan
Decision Making

Ongoing Guidance

Proactively adjust through life's twists and turns — job changes, home relocations, kids growing up. We'll be here every step of the way.

Make Better Decisions
Enjoying

Use Your Wealth for Good

Personal finance is about aligning what you've been given with your convictions. We'll put your money to work toward what's most important.

Enjoy My Wealth
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Christian Financial Planning to Invest, Give, and Live

Reach out for a complimentary "good fit" consultation.

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FAQs

Do new parents and young families really need a financial advisor, and how do I find the right one?

For most new and growing families, the season of having young kids is when financial complexity rises sharply and discretionary time to manage it drops just as fast. Life and disability insurance, estate planning, education funding, health insurance changes, childcare costs, and tax credits all become relevant at the same moment. When searching for an advisor, look for a fiduciary, someone who is legally and ethically obligated to act in your best interest at all times. It's also helpful to find someone with demonstrated experience working with new parents and young families, since the planning during this season is meaningfully different from advice geared toward later-career or pre-retirement clients. Comprehensive planning services may involve ongoing fees, so be sure to fully understand how any advisor is compensated before engaging their services. This is for educational purposes only and does not constitute personalized financial advice. Please consult a qualified financial professional regarding your specific situation.

What financial steps should expecting parents and new parents take first?

While each family's situation is different, there are several financial moves that typically deserve attention either before a baby arrives or shortly after. These can include evaluating term life and disability insurance based on your family's actual expenses (not just a multiple of income), setting up a basic estate plan that names guardians and creates a children's trust within your will, opening and contributing to a Dependent Care FSA through your employer to use pre-tax dollars for childcare, coupling an HSA with a Limited-Purpose FSA where eligible, comparing both spouses' health insurance plans before adding the new child as a dependent, coordinating any paid parental leave benefits (including state-run programs like Colorado's FAMLI+), updating W-4 tax withholding to reflect new dependents and the Child Tax Credit, and beginning to evaluate whether a 529 Plan or UTMA or Trump Account makes sense for your children's long-term needs. The timing and priority of each step depends on your specific income, state of residence, employer benefits, and family goals. This is for educational purposes only and does not constitute personalized financial advice. Please consult a qualified financial professional regarding your specific situation.

How much life and disability insurance do new parents actually need?

A common rule of thumb suggests carrying life insurance equal to 10 to 15 times your income, but this approach often misses the mark, because life insurance is meant to replace what your family actually spends, not what you earn. A more accurate calculation typically starts with your family's expected ongoing expenses (mortgage, childcare, education, and lifestyle), then subtracts what would already be covered through a surviving spouse's income, existing assets, government assistance, and any employer-provided insurance coverage. For most new parents, a term life policy purchased outside of work in addition to employer-provided coverage is often a sensible foundation. For disability insurance, employer plans typically cover only 40 to 60 percent of your salary, so many families also consider an individual policy to supplement the necessary gap. Because individual disability premiums are usually paid with after-tax dollars, the benefit is generally received tax-free, which means you may not need to replace 100 percent of your gross income. Insurance needs vary significantly based on individual circumstances. This is for educational purposes only and is not personalized insurance or financial advice. Please consult a qualified financial professional regarding your specific situation.

What's the difference between a 529 Plan and a UTMA, and which is better for saving for my kids?

A 529 Plan is a state-sponsored, tax-advantaged education savings account where contributions grow tax-free and withdrawals are tax-free when used for qualified education expenses. Many states (including Colorado) offer a state income tax deduction for contributions to their home-state plan, and some offer matching programs. A UTMA (Uniform Transfers to Minors Act) account, by contrast, is a custodial account that can be used for any purpose that benefits the child — not just education — and it allows broader investment choices than a 529. The tradeoffs typically come down to flexibility versus tax benefit. UTMAs offer more flexibility but come with more complex tax reporting and can reduce a child's eligibility for need-based college financial aid once they reach the age of majority and take ownership of the account. 529s offer stronger tax efficiency but are more restrictive in how the funds can ultimately be used. Many families end up using both, with the 529 as the primary education vehicle and a smaller UTMA for non-education goals. This is for educational purposes only and does not constitute personalized financial or tax advice. Please consult a qualified financial professional regarding your specific situation.

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