Estate planning is more than a set-it-and-forget-it task. It requires ongoing attention to ensure that the plan continues to meet your goals, aligns with current laws, and reflects your changing financial and personal situations.
The costs of obtaining a college degree can be overwhelming. When confronted with this, some of us may be convinced by others to try and increase our chances of getting financial aid. While there’s nothing wrong with this, I‘ve seen a couple of cases where people have received questionable guidance and were led down a path that was ineffective or potentially harmful.
“There’s no harm in hoping for the best as long as you’re prepared for the worst.”
― Stephen King, Different Seasons
The temperatures are starting to cool down and you, like many, may be starting to pack your bags to head south for the winter. However, before you rush off to enjoy the sunshine, make sure you’re properly prepared to leave your home for a few months. Here’s a checklist to help you get ready.
Let’s face it: You’d be hard-pressed to find a grandparent anywhere who won’t admit to the pleasure of spoiling the grandkids.
Many of us actively choose our state of residence for professional and other opportunities, or perhaps choose to stay close to friends and family and build a life where we spent our formative years.
Dina Megretskaia and Victoria Tejeda explore how these tax-advantaged accounts can help you save and invest for a child’s future educational needs. Much like your 401(k) plan at work, 529 plans offer a set list of investments and the assets inside can grow tax free.
“Significant life events such as changing jobs, having children, getting married or divorced, illness, or death can and often do change a person’s financial goals. These events don’t always necessitate changes to a client’s portfolio, but they do prompt a discussion about their impact on the financial plan.”
Congratulations! You have four years of tuition, room and board stashed away in your 529 plan, and your child hasn’t even graduated from high school yet. Now you can breathe easily, right? Well … maybe, maybe not.
Like every parent, you want your children to become happy, self-sufficient adults.
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