One of the best ways is to establish and contribute to a qualified 529 plan. Contributions grow tax-free; distributions to the student for education expenses are also free of federal tax, and in general, state tax, as well.
If you want to benefit more than one child and don’t wish to establish multiple 529 plan accounts, consider an education unitrust—a charitable remainder trust from which funds can be transferred to the trust tax-free. You or your trustee control how the funds are invested and you can also stipulate who can receive funds from the trust and under what conditions.
After the trust has completed all your primary objectives, any remaining funds go to a charity.
With this plan, you can save taxes, benefit your family and continue your legacy with your favorite 501(c)(3) nonprofit organization.
Check with your tax advisor or call or email us to see how education planning can benefit you and your family — and help create your legacy.
NATIONAL KIDNEY FOUNDATION OF HAWAII
808-589-5976 | jeff@kidneyhi.org
For Planned Giving: www.kidneyhawaii.org
Main: www.kidneyhi.org | www.kidney.org
In May of last year, Reuters reported that a Georgia judge had agreed to appoint a mediator to help the family of the late Dr. Martin Luther King Jr. decide whether to sell Dr. King’s Nobel Peace Prize and his personal Bible.
Like most Americans, you’ve probably spent years working to achieve the retirement of your dreams. There comes a point when this milestone changes from a distant goal to an imminent reality. You can make your first year away from work more rewarding and less stressful if you anticipate potential challenges and prepare for how you will handle this life change.
Many veterans believe that they have to have suffered an in-service disability to qualify for U.S. Department of Veterans Affairs’ monetary benefits. This is a common misconception.
More than 50 years ago, the federal government established programs designed to help Americans afford healthcare services called Medicare and Medicaid. Since both of these programs involve many variables, they require some study. To provide insight into how the coverage works, here are some facts you might not know about Medicare:
One substitute for that great big binder is a USB, “thumb” or “jump” drive. It is a thumb-sized piece of hardware that plugs into almost any computer (iPads excepted) that will store more electronic documents than you will ever need it to hold. At a bare minimum, you will want store a copy of your advance directive and your HIPAA authorization (the document that gives medical providers your permission to talk to your decision maker), but you might also want other documents, such as your durable power of attorney. The downside to this technology is that it is a piece of non-waterproof hardware that can be lost, or stolen and misused.
Yet another option is Internet technology that allows you to store your estate planning documents in the “cloud” and access them from any computer or laptop (including your iPad) whenever you need to, and from wherever you happen to be at the time. One example is called Cubby (www.cubby.com), but there are others on the market. When you are a Cubby subscriber, you can create a secure link that you (or your kids or your financial planner) can use to access your estate planning documents 24/7. This can be a very helpful solution in a variety of contexts — not just medical emergencies.