A good rule of thumb also is 1% annually for maintenance around the house. In the rental scenario you'll pay at most $1700/mo

If you won, your MINIMUM payment is $2100/mo. And then you have maintenance. Need a new roof? 10-30k depending on pitch and size. Need to replace your HVAC? Got a plumbing issue? need sewer line replaced etc?

We bought our house and we have some large costs coming up, replace roof in next 5yrs (estimating $30k very steep pitch), our sewer line needs replacement (quoted $20-25k). We bought in summer, moved in Sept, HVAC broke before winter and had to replace immediately ($5k). Came back from vacation once, found someone had driven into our brick garage (luckily fix was only $2k)

we went to estate attorney (Colorado) and it was a flat $1500 I believe. We have "a lot of assets" for our age so that may have made it more expensive as it wasn't completely boiler plate.

This was for living will, trust, power of attorneys (financial and medical), guardianship (should we both kick the bucket) etc.

Our FA suggested Pacific Life, and it came out to like $50/mo 20yr term for $1mil payout (not taxable) for me, my wife was slightly higher. Your rate is also based on your health, so if you'd sign up earlier, you could be preferred rate, obese or worse and it affects your rate.

You could probably shop around for that. As far as specific clauses i'm not too sure, have only just started looking more into it to protect each other, and also be secure for our child's future.

Basically we're been very fortunate (and lucky) in that we have been able to save very aggressively before talking with an FA and he said we're pretty set, BUT people who are pretty secure he "throws grenades" at our plan to see how protected we are. IE one of us dies, permanent disability can't work as the extremes, and that opened our eyes about if everything's gravy we have nothing to worry about, but still some things could completely derail our plans.

Also don't go to just any FA, make sure they're a fiduciary financial advisor so they have a legal obligation to act in best interest of their clients

Term life to protect yourself and child against you suddenly dying/losing ability to work. We're going through same. Have a 3.5mo and set up living will, trust etc to avoid contesting of assets should we kick the bucket prematurely.

Our FA told us we were way underinsured for our annual cost of living and should something happen (permanent loss of income through death or disability) we would be screwed. We have life ins via work but the payouts only like 100k which is frankly nothing over the course of expected income/finance costs over decades (funeral, mortgage, college fund etc).

We thought about setting up a 529, but think maybe a traditional investment might be better (no restrictions on what to spend on), We'll probably not put too much in a 529

Suggest talking to estate attorney as they'll have a lot of good questions that you'll want to answer around assets, distributions etc and go through some basics should something happen to you.