OF YOUR GRANDCHILD’S EDUCATION DON’T LET MONEY GET IN THE WAY
C ollege 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 plan, which doesn’t count as student income, you lose control over the funds you contribute. 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 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.
Big Events You Don’t Want to Miss MARK YOUR CALENDARS
New Reality in Our Retirement Educational Workshop When: Thursdays, Nov. 7 and 14, 2019 Where: University of North Florida The No. 1 concern we hear from baby boomers in retirement is “I don’t want to run out of money!” New Reality in Our Retirement is an adult education class that covers potential financial threats, now and in the future, and provides attendees with the knowledge they need to build a
successful retirement. This is a two-day course with morning and evening times to suit your schedule. Register today and learn the secrets to a stress-free retirement! All clients, friends, and prospective clients are encouraged to attend. State of the Retirement Guest Speaker Brandon Bascelli of Brightway Insurance When: Monday, Nov. 18, 2019 Where: University of North Florida How will the current state of retirement
impact your future plans? We will recap current economic, market, annuity, and tax trends and news. Guest speaker Brandon Bascelli of Brightway Insurance will be joining us to discuss home and auto insurance updates and to answer your questions at this special event. Lunch will be served. This is a client-only event, and clients may bring one guest or family member.
Tony’s Turkey Trot When: Thanksgiving Day 2019 Where: Atlantic Beach
Join us for the best 5K fun run in Florida! This amazing fundraising event supports survivors of traumatic brain injuries. Wolf Retirement Navigation is proud to be sponsoring Tony’s Turkey Trot for the fourth year in a row. Register for the race or sign up to volunteer at RunSignUp.com/Race/ FL/AtlanticBeach/TonysTurkeyTrot.
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2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island
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