If you're having a new baby—congratulations! You're in for a lot of excitement and happiness, and a lot of work.

From the standpoint of your finances and your life planning, there may be a number of things you need to think about and decisions you need to make. For example, what about the benefit plans your employers are providing to you and your spouse? You need to make sure you have the health plan that best provides for your new situation. You should also be thinking about disability insurance and life insurance.

Another big decision is to work or not to work. To make that decision, you will need to balance your need for income, your need to be at home with your child, your career plans, and your childcare options if you both go back to work.

A new baby brings with it tax implications. There are tax advantages, dependent credits, tax saving vehicles you should look into, and steps to follow when filing taxes for your child. And believe it or not, it is not too early to think about college funding. There are a number of strategies you can follow to start saving and investing.

This is also the time to give some serious thought to estate planning. If you have a will, update it; if not, make one right away. Look into establishing a trust, so that you will have a say in how your assets are distributed in the event of your death. And make sure you designate a guardian for your child, in case both you and your spouse die.