READY, SET, SAVE! How a 529 Plan Can Help Pay for Your Children’s Education
plans don’t cover is homeschooling, which is a different situation altogether. Of course, no investment plan is all sunshine and roses. Prepaid tuition plans can be restricted to specific schools and aren’t guaranteed by the federal government, while education savings plans are subject to the whims of the market. Still, the breaks on federal and state income taxes are attractive, and there aren’t any age, income, or annual contribution limits on 529 plans. You can even distribute remaining funds to nieces and nephews when your kids no longer need them. To learn more about how investing in a 529 plan can save you money, call us today at (636) 394-5524.
As a business owner, you’re no doubt savvier about money than the average consumer. However, financial savvy can spur big financial risks, and there’s nothing worse than finding out your bank account is running low when it’s time to send your daughter to college or pay
TAKE A BREAK top.They’re sponsored by states, state agencies, and educational institutions across the country, and Missouri abides one of your son’s private school bills. That’s where 529 plans come in.These tax-advantage savings plans are authorized by the IRS and designed specifically for stashing money for school bills down the road.There are two types of 529 plans: prepaid tuition plans, which let the saver purchase college credits and education savings plans that can be used to pay for expenses beyond tuition. Each variation comes with its own set of fees and risks, but on balance, education savings plans usually come out on
by the federal cap of $10,000 per year per beneficiary, meaning local plans are state tax-free as well. Choosing to invest in one is truly a win-win situation because your contributions will grow with careful investment, and your kids could be spared the crushing pressure of student loan debt. Most people think of 529 plans as strictly a tool for college savings, but they’re more flexible than that. If you start saving early enough, you can use your education savings plan funds to pay for elementary, middle, and high school tuition, regardless of whether the schools your kids pick are private or religious.The only thing 529
CLASSIC APPLE CRISP
Ingredients
Filling: • 5 lbs Granny Smith apples, peeled, cored, and chopped • 1/4 cup pecans, finely chopped • 3 tbsp all-purpose flour • 2 tbsp maple syrup • 1 tbsp lemon juice Topping: • 3/4 cup all-purpose flour • 1/3 cup brown sugar • 1/4 tsp ground cinnamon • 1/4 tsp salt • 6 tbsp chilled butter, cut into pieces • 1/4 cup pecans, coarsely chopped
Directions
1. Heat oven to 350 F. 2. In a mixing bowl, mix all filling ingredients together. Transfer to individual serving ramekins. 3. In a different mixing bowl, combine flour, sugar, cinnamon, and salt for the topping. Mix in butter until it forms lumps roughly the size of a pea, then stir in pecans. Sprinkle topping over filling. 4. Bake for 35–40 minutes, let stand for 10 minutes, and serve.
Inspired by Food Network
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