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Archive for October, 2014

When Grandparents & 529 Plans for College Savings Clash

As more and more grandparents are opening savings accounts to fund their grandchildren’s future schooling, it has become a growing issue that it can hurt their chances of ever receiving financial aid. In a 529 savings plan, after-tax contributions grow tax-free and earnings can be withdrawn without a tax hit– as long as they are used to pay for qualified college expenses such as tuition or room and board. To […]

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Getting Your Legal House In Order Before Your Adult Child Leaves for College

Imagine the following scenario: Your 18-year old son is away at college in a neighboring state. He is hit by a car and sustains injury to his neck and is unconscious as a result of the accident. His roommate notifies you and you quickly call the hospital to get more information about your son. The hospital is not cooperative and gives you very little information as to your son’s condition. […]

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