Baby's First Documents: Essential Records for New Parents

Essential Documents for New Parents

1 Baby’s Birth Certificate

Obtaining a birth certificate is essential for your child's future needs. At the hospital, you'll complete a form to generate the birth record, so bring your driver’s license. The birth certificate may be mailed to you or you might need to contact your local Department of Vital Records and pay a small fee. Allow about one month for processing and set a reminder to follow up if needed.

2 Social Security Card

In the past, individuals typically did not receive Social Security cards until they began employment. However, this is no longer the case. The Social Security Administration now advises parents to apply for a Social Security number for their newborns immediately at the hospital. This number is essential for obtaining health insurance, opening a bank account, and qualifying for various government services for your child. Additionally, you will need this number to claim your child as a dependent on your tax returns. If you didn't apply for a Social Security number at the hospital, you can still do so by visiting a Social Security office.

When you collect parenting paperwork or draw up various benefits with baby documentation, you should remember about safety. Today, one of the most reliable ways to transmit digital documents is fax. Don't worry, it's normal that you don't have a fax machine at home. You don’t need it, just use FAX from iPhone: Fax App and all documents for record-keeping for babies will be safe. This simple fax app is especially useful for sending and receiving documents from government, legal and medical institutions.

3 Baby’s Immunization Records

In the past, individuals were only issued Social Security cards when they entered the workforce, but this practice has evolved. Nowadays, the Social Security Administration advises parents to apply for their baby's Social Security number immediately after birth, typically while still at the hospital. Having a Social Security number is essential for securing health insurance, opening a bank account, and accessing government services for your child. Moreover, you will need this number to list your baby as a dependent when filing your taxes. If you missed applying at the hospital, you can still obtain a number by visiting a local Social Security office.

4 Will

Creating a will is essential to ensure that, in the unfortunate event of your untimely passing, you have clearly outlined how your assets—whether they be bank accounts or baseball cards—are to be managed. Without a will, a probate court will make these decisions, leading to a lengthy and costly process. By drafting a will, you provide legal clarity and enable your assets to be used efficiently for the care of your child. Additionally, appoint an executor who will be responsible for carrying out the instructions specified in your will.

5 Trust

Trusts, sometimes referred to as "trust funds," are not mandatory but are worth considering as they frequently complement wills. Contrary to popular belief, trusts aren't exclusively for the wealthy. While it's true that individuals with substantial assets can benefit from reduced taxation when transferring wealth to heirs through a trust, there’s another significant advantage. Trusts also allow you to allocate your assets to your children at an age you deem suitable.

6 Life and Health Insurance Policy

Bringing a new life into the world is a monumental event, and it comes with important responsibilities. One critical step is securing life insurance. Life insurance serves to replace lost income in the unfortunate event of a parent's death, ensuring that your child remains financially supported. This becomes particularly vital if one parent stays at home to care for the child and does not contribute an additional income.

Additionally, don't overlook the necessity of adding your newborn to your health-care plan and obtaining a health insurance card for each child. Even if you are enrolled in a plan with a set enrollment period, you are entitled to make changes following a qualifying life event, such as the birth of your baby.

7 Form 1040/1040A/1040NR

To access certain tax credits available to parents, you'll need to complete one of the more comprehensive income tax forms, as the 1040EZ is no longer sufficient. Eligible parents can use the Child Tax Credit to reduce their tax liability by $1,000 and the Earned Income Tax Credit to lower it by approximately $3,000 to $6,000. Additionally, you might qualify for the Child Care Credit.

Conclusion

Having a baby involves paperwork, but it's essential for your family's success. Use lists and set deadlines in your calendar to keep on track with these important tasks.