WHAT’S NE I’ve been watching Kyzlee grow and chasing Kyzlee around town … … She went to out to the Amish Country with Gigi … Went out to dinner for her great grandma’s 82nd birthday … Got to try Hibachi for the first time … Saw her first movie, the new “Lion King” … Picked fresh tomatoes out of the garden
College expenses aren’t what they used to be. What used to be affordable to any student with a part-time summer job now can take years to pay off. If your grandkids want to go to college, the cost of education should not be a barrier to their future. Luckily there are ways that you can help ease that financial burden. INVEST IN A 529 SAVINGS PLAN. There are no limits on age, income, or monetary contributions attached to this college savings account, and contributions are tax-deductible in some states. Just like a Roth IRA, the earnings grow over time and can be used tax-free for qualifying expenses, like tuition and room and board. There are a few downsides, however. Funds from a grandparent’s 529 savings plan are considered student income and could hurt your student’s eligibility for financial aid. If you choose to fund through a parent’s 529 savings plan, which doesn’t count as student income, you lose control over the funds you contribute. OF YOUR GRANDCHILD’S EDUCATION DON’T LET MONEY GET IN THE WAY
from the federal gift tax can’t exceed $15,000, but payments toward someone’s tuition, for any amount, are not taxed. Keep in mind, however, that the money can only go toward tuition, not toward other college expenses like room and board or textbooks. HELP THEM FIND OPPORTUNITIES TO SAVE. Even if you don’t have thousands of dollars to give, you can still help your grandkids look for other opportunities to save. There are thousands of available scholarships, grants, and programs to help students pay for college, and helping them look online and in your community can go a long way. College could be your grandchild’s first stop on the path to achieving their dreams. You can be a part of that journey by making sure money doesn’t get in the way of that.
… Went to her first football game
And ... Jeff’s out getting things ready for the upcoming hunting season.
PAY THEIR TUITION. Not everybody has $20,000 just lying
around, but if you do, using it to pay for your grandchild’s tuition isn’t a bad way to spend it. Normally, annual financial gifts that are exempt
Address: 805 University Blvd, Steubenville, OH 43952 Phone: (740) 282-6688 LOCAL BUSINESS SPOTLIGHT SESAME GRILL
Serves excellent hibachi, sushi, and Chinese food. We took Kyzlee there to get her first hibachi experience. Although she didn’t like the hot, fiery flames, she did enjoy using chopsticks and eating plain white rice.
This newsletter is for informational purposes only and no legal advice is intended. Be sure to consult with this law firm if you have a specific question about your situation. And, remember that Edward and Jeff don’t take any unplanned inbound telephone or in-person meetings. We believe each case deserves our undivided attention.
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