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529 Plan: What Is It and When to Leverage

College tuition is expensive. The average cost for an in-state public school is $20,770 per year. Private college tuition costs $46,950 per year. And they keep going up every year. If you have young kids today, you can expect these numbers to be significantly higher when it’s time to pay for your kids’ or grandkids’ education. If you’re planning to put money into a college fund, a 529 plan will be a top option to consider. What is a 529 Plan? A 529 plan is a tax-advantaged investment savings p...
Tags: Personal Finance, New York, California, Time, Marketing, US, United States, South Dakota, Nebraska, Ohio, Ira, Nevada, Illinois, Vanguard, ROTH IRA, UGMA


United States: Five Firms Settle FINRA Charges For Failing To Supervise Certain Custodial Accounts - Cadwalader, Wickersham & Taft LLP

Five firms settled FINRA charges for failing to adequately supervise custodial accounts under the Uniform Gifts to Minors Act ("UGMA") and Uniform Transfers to Minors Act ("UTMA").
Tags: News, United States, FINRA, UGMA, Cadwalader Wickersham, Taft LLP


6 Steps for Giving a 529 Account this Christmas

Looking for the perfect gift for the kid who has everything? Give the gift of an education with a 529 plan. T rying to find a gift for the kid who has everything? Skip that millionth set of Legos or pair of designer jeans. Instead, consider giving them something that will truly last a lifetime: the gift of a college education, thanks to a 529 savings account. Not sure how to go about opening or contributing to a 529 account for someone else this Christmas? Here are the steps you’ll need in ord...
Tags: Education, Marketing, Social Security, Mastercard, UGMA, Upromise, Gift of College


First Internet Bank Review – Full Service Online Bank

Do you want the high interest rates paid by online banks, but you’re frustrated by the lack of full-service banking? If so, First Internet Bank may be the dream bank you’ve been looking for. They have just about everything you need and we’ll go over it all in our First Internet Bank review. First Internet Bank Kevin Mercadante's rating 9.3 Fees 9.0 ...
Tags: Reviews, Marketing, US, Customer Service, Banking, Va, Bank, Ira, Nasdaq, Irs, FHA, FDIC, SBA, Sallie Mae, HSA, UGMA


Trusts: Which Form of Trust to Control Beneficiaries Access to Funds

My question involves estate proceedings in the state of: MD My Uncle passed away in England. A sum of money has been offered to my children if the money is held in trust. It could be paid to me and I gift it to my children, or paid directly into the formed trust. Inheritance tax is not applicable. UTMA/UGMA will not work for us as we do not want our children to have unfettered access to several hundred thousand at age 21. We have spoken to several lawyers and received wildly different advi...
Tags: England, Law, Estate Planning, Administration And Probate, UGMA, Control Beneficiaries Access


Trusts: Which Form of Trust Allows for Control of the Beneficiaries' Access to Funds

My question involves estate proceedings in the state of: MD My Uncle passed away in England. A sum of money has been offered to my children if the money is held in trust. It could be paid to me and I gift it to my children, or paid directly into the formed trust. Inheritance tax is not applicable. UTMA/UGMA will not work for us as we do not want our children to have unfettered access to several hundred thousand at age 21. We have spoken to several lawyers and received wildly different advi...
Tags: England, Law, Estate Planning, Administration And Probate, UGMA


The Complete Guide to the Best 529 Plans by State

529 plans are excellent for saving for college, but they are confusing. This guide explains 529s and provides details on the best 529 plans by state. A Section 529 Savings Account, 529 for short, is a great way to start saving for your child’s college education. Whether you can save a little or a lot for college, this is one of the best ways to do it because 529 accounts grow tax-deferred. Need to learn more about 529s? This in-depth guide will tell you everything you want to know about these...
Tags: Utah, New York, Minnesota, Mississippi, Maryland, Education, Colorado, Montana, Oregon, Virginia, Massachusetts, Marketing, Alabama, West Virginia, Customer Service, Georgia


The Best Ways to Save Money for a Child

If you're reading this, congratulations! Raising a child is one of the most important jobs you'll ever have. No investment will be more powerful than that of your time.Having said that, let's focus on a secondary concern: how to  make wise financial investments for a child's future. There's no "best" way to save money for a child, but there are five vehicles you can take advantage of: Roth IRAs, Coverdell education accounts, 529 plans, UGMA/UTMA accounts, and life insurance policies.Image source...
Tags: Finance, UGMA, Investment Planning, Brian Stoffel, Coverdell, Getty ImagesContinue, F5c964bc-31a5-11e7-a410-0050569d32b9


Disability Benefits: Gifts to an UTMA Account for the Child of an SSI Beneficiary

Hi All, I am the Representative Payee for my minor daughters SS benefits. My daughter receives benefits because my ex-wife is disabled. I have been contributing to a UGMA account for my daughter. Is there a limit to the amount of money that can be in this account ? The Rep Payee Handbook states: A special note about SSI beneficiaries To continue receiving SSI, a beneficiary must not have resources worth more than $2,000 ($3,000 for couples). We don’t count all resources, however, some it...
Tags: Law, Social Security Law, UGMA, Payee


Disability Benefits: Ss Benefits and Ugma Account

Hi All, I am the Representative Payee for my minor daughters SS benefits. My daughter receives benefits because my ex-wife is disabled. I have been contributing to a UGMA account for my daughter. Is there a limit to the amount of money that can be in this account ? The Rep Payee Handbook states: A special note about SSI beneficiaries To continue receiving SSI, a beneficiary must not have resources worth more than $2,000 ($3,000 for couples). We don’t count all resources, however, some it...
Tags: Law, Social Security Law, UGMA, Payee


Disability Benefits: Gifts to an UTMA Account for the Child of an Social Security Beneficiary

Hi All, I am the Representative Payee for my minor daughters SS benefits. My daughter receives benefits because my ex-wife is disabled. I have been contributing to a UGMA account for my daughter. Is there a limit to the amount of money that can be in this account ? The Rep Payee Handbook states: A special note about SSI beneficiaries To continue receiving SSI, a beneficiary must not have resources worth more than $2,000 ($3,000 for couples). We don’t count all resources, however, some it...
Tags: Law, Social Security Law, UGMA, Payee, Social Security Beneficiary


A Review of TD Ameritrade’s Essential Portfolios

TD Ameritrade has rolled out its own “robo advisor” feature, called Essential Portfolios. If you already invest with TD Ameritrade, or have been considering doing so, you should take a close look at this investment management tool. It’s a way that you can move some, or even all, of your investments into a low-cost, fully managed portfolio. It’s also a way to free up your time and attention to concentrate on other areas of your life. What Are TD Ameritrade’s Essential Portfolios? The Essential ...
Tags: Reviews, Personal Finance, London, Marketing, Investing, Money Management, Blackrock, Make Money, Morningstar, Vanguard, TD Ameritrade, UGMA, SIPC, Ameritrade


Saving for Your Newborn

You’ve got the crib. The baby monitor. The stroller. The highest-rated-for-safety car seat. You’ve thought of everything for that newest member of your family. Or have you? What about your baby’s financial future? Related >> Household Budgets for Beginners: Simple Tips for Success What kind of account should you open for your child, and when should you do it? According to financial planning experts, it is never too soon to set up a savings account for your child as well as a college savings pla...
Tags: Kids, Marketing, Alabama, Budgeting, Social Security, New Mexico, UGMA


Early Retirement and Paying for Kids’ College: Are They Compatible?

Prioritization is the keystone of any successful financial plan. This is especially true with retirement planning, and even more so with early retirement. So, what happens if you would like to retire early, but have children slated to start college right around the same time? How do you prioritize both saving for your retirement AND saving for tuition? Typically, the topic of early retirement tends to overlooks two very important expenses, either of which could be game-changers. Paying for colle...
Tags: Marketing, Ira, Money Management, Retirement planning, Irs, ROTH IRA, UGMA


How to Maximize Your College Financial Aid Opportunities

W hen it comes to saving for college, many of us focus on a dollar amount. And it is good to have a goal, whether monthly, annually, or over a lifetime, for saving for your child’s college education. But what many of us don’t consider are strategies for maximizing financial aid for our children when they apply for college. It’s better to pay for college out of savings than to take out student loans, but maximizing financial aid eligibility may net your child some needs-based grants, which don’t...
Tags: Education, Washington, Virginia, Marketing, Efc, Fafsa, UGMA


529 Plans versus UTMA Accounts

When I was growing up, my parents used an UTMA account to save money for my college expenses. Back then, it was really the only way to save for a child’s education. Nowadays, the 529 is a popular option. You may have heard about both types of accounts, but don’t know what the differences are between the two. Below I break down each account along with the benefits and drawbacks so that you can get a better idea of which account is right for your situation. UTMA Account An UTMA account, or Unifo...
Tags: Utah, Florida, Marketing, Investing, College Savings, Irs, Vanguard, Johnny, Susie, UGMA, 529 Plan, Don Click


Review of the Vanguard Total World Index

There are a number of funds available that are designed to meet all of your equity investing needs within the same fund. In the case of US and international stocks, Vanguard Total World Index (VTWSX) is an effort in that direction. VTWSX has turned in a respectable performance given that foreign stocks haven’t performed at the level of the US markets, but is it the right all-in-one fund for your equity investments? We’ll start with a laundry list of statistics and numbers, then concentrate on a...
Tags: Japan, UK, Australia, France, China, Germany, US, Investing, Korea, Switzerland, Ira, Vanguard, UGMA, Vanguard Total World Index VTWSX, VTWSX, ⦁ North America


The Best Way to Save for College: UGMA vs 529 Plan

If you’ve seen the news lately, you’re probably aware that there is a student loan crisis happening in this country. Student loan debt is now estimated at over $1.3 trillion, with more than 40 million Americans carrying student loan debt. While the government tries to relieve some of the stress, there’s an even better way to pay for college – save heavily and avoid student loan debt all together. Of course, not everybody is able to pay for their children’s college expenses without the use of lo...
Tags: Education, Indiana, District Of Columbia, UGMA


Banking: How to Take Control of an UGMA Account Once You're an Adult

My question involves personal finance in the State of: New York. When I was born my grandfather invested some money in stocks for me. He set it up as a UGMA naming my mother as the custodian. I am now 29 years old. My mother never transferred the account to me when I turned 21. She is still listed as the custodian, and when I sold some stocks last week, her name is on the check and my bank will not cash the check unless my mother comes to the bank and signs the check in front of them. For ...
Tags: New York, Personal Finance And Investment Law, UGMA