SMART STARTS Education Funding Essentials
Of all the things parents and grandparents want to provide for their young ones, an opportunity for an enriching education is one of the most important. Clients often approach us, curious about how they can best contribute to covering their loved ones’ educational expenses. Here are brief overviews of two options toward helping your children or grandchildren build great careers. Tax-Advantaged Future Funds When it comes to education, the Internal Revenue Service is as committed to tomorrow’s workforce as you are to your next generation’s prosperity. Named after IRS Section 529, which allows post-secondary education expenses to grow and be withdrawn tax-free, you can utilize 529 savings plans to cover approved expenses from kindergarten to higher education in the same way. Although considerable tax advantages exist for 529 accounts, internal stock and bond market investments determine their strength. Market instability, coupled with high administrative costs, may prevent some clients from considering a 529 plan as a viable option.
Bright Beginnings Backed by Trusts Working with an estate planner is one way to build a solid foundation for a child’s future. For example, if you wish to devote funds toward college tuition or other expenses, you can create an educational trust specifically for this purpose. Trusts of this nature provide great flexibility, enabling you to devise the specific terms and conditions the recipient must meet for investments and distributions. Although an educational trust can serve as a way to ensure funds for education, its growth over time typically isn’t tax-deferred, which leads some clients to implement investment strategies to help offset the cost.
Educational trusts and 529 plans are just two opportunities to help your family’s younger members get a head start. Please contact us for additional information and resources to help you choose the best path forward.
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TAKE A BREAK!
This recipe is quick, easy, and promises a restaurant-quality meal from your own kitchen. It’s perfect over pasta or with a green salad. Impress guests or indulge yourself on a weeknight! INGREDIENTS
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3 tbsp olive oil
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1/2 tsp black pepper
4 cloves garlic, minced
1 pound large shrimp, peeled and deveined 2 tbsp chopped fresh parsley
1/2 cup grated Parmesan cheese
1 tsp Italian seasoning
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1/2 tsp salt
Juice of 1 lemon
DIRECTIONS 1. Preheat oven to 400 F. 2. In a bowl, combine olive oil, garlic, Parmesan cheese, Italian seasoning, salt, and pepper.
3. Add shrimp to the bowl and toss until fully coated. 4. Arrange the shrimp in a single layer on a baking sheet.
5. Roast in the oven for 7–9 minutes or until the shrimp are pink and slightly golden. 6. Remove from the oven and sprinkle with chopped parsley and fresh lemon juice before serving.
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