2020 | Page 4 of 10

Non-Parent Owned 529 Plans

Jun 19 2020

Photo credit: jb

Grandparents often find themselves looking for a way to help their children or grandchildren with education expenses. There are a few strategies grandparents may consider depending on their preferences. The following are a few strategies grandparents may consider to help with higher education expenses.

Grandparent-owned 529 plan. In this strategy the grandparent owns the 529 plan in their name and makes contributions to the plan. The benefit of this is that the grandparent can reduce their estate, take a potential state tax deduction (if their state allows), control the investments, take tax-free qualified distributions, and name/change …

Supporting Fathers During a Pandemic

Jun 16 2020

We recently overheard a radio offering a promotion that allowed the winning caller a chance to treat their father to dinner on Father’s Day (this coming Sunday). One lucky family will be able to get a meal at no cost and the restaurant offering this meal got airtime and publicity. So, while the pandemic had changed many things, people are still looking for ways to celebrate. Parents in general have weathered a lot of change these past few months with fathers and mothers adapting to losing jobs or having to work from home with children at hand because schools were… Read More

Should I Take Everything Out Because the Markets are Recovering?

Jun 12 2020

As I write this, we are in the second week of June and many sectors look like they might set new peak closings soon, recovering to or beyond their pre-COVID values. However, the journey to recovery is a bumpy one, as many investors are selling as their funds approach their prior values. This is likely a foolish attempt to save themselves from a so-called second drop they believe will come. Little do they know, that selling is the only way a second drop could come.

Some investors complain, “This time is different,” because life has been very different. However, …

The Pandemic Has Changed the Rules for Retirement

Jun 09 2020

Washington Post columnist Michelle Singletary offered new rules for retirement savings in “Forget what you’ve heard. Here are the new rules for post-pandemic retirement,” and we are going to discuss two of them that relate to retirement planning. “Old rule: Make retirement savings your No. 1 priority. New rule: Make paying off debt, especially high-interest debt, a priority.” Someone who considered making it a priority to pay off debt might have been told that it would be better to concentrate on saving for retirement before the pandemic. However, now Singletary writes that carrying high-interest debt… Read More

A Little Relaxation and Vacation Can Get You Back on Track

Jun 05 2020

For many, 2020 has been hugely stressful, and the benefits of taking time off are often underestimated. When life gives us unexpected turns, one of the best things we can do is use the opportunity to take a step back and relax. Taking time off from our place of employment gives us the means to do precisely that.

For those of us still able to do it safely, vacation and travel provide a tremendous benefit. If you cannot safely get away, merely taking time off to relax at home can have benefits. Whether you stay …

Archive - 2020