Ty Wilson Law October 2019

Give us a call! 1-866-937-5454 Monday–Friday, 8:30 a.m. to 5 p.m. EST www.TyWilsonLaw.com

FIRST-CLASS MAIL US POSTAGE PAID BOISE, ID PERMIT 411

1 Bull St., Suite 305 Savannah, GA 31401

Inside This Issue From the Desk of Ty PAGE 1 How to Talk to Your Teen About Health PAGE 1 Educating Your Kids About Cancer PAGE 2 Frightful Films for Families PAGE 3 Miso Caramel Apples PAGE 3 Take a Break! PAGE 3 3 Strategies for Helping Grandkids Pay for College PAGE 4 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

DON’T LET MONEY GET IN THE WAY Of Your Grandchild’s Education

fund through a parent’s 529 savings plan, which doesn’t count as student income, you lose control over the funds you contribute.

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.

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 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

4 • www.TyWilsonLaw.com

Published by The Newsletter Pro • www.newsletterpro.com

Made with FlippingBook Learn more on our blog