If you are considering transferring wealth to your children or grandchildren, a trust is usually the best method. It is almost always the best way to protect an inheritance from potential depletion due to lack of financial acumen, lawsuits, divorce, bankruptcy, medical bills, and even nursing home bills. A trust also provides you with more […]
529s and ABLE Accounts Get a Major Boost
Age of disability for ABLE accounts will increase from 26 to 46. Unused 529 accounts can be rolled into a Roth IRA. Q. I have two children. One is an adult child with an autism spectrum disorder (ASD), and another is a lot younger and is neurotypical. We are considering setting them both up with […]
Grandparents and Others can Contribute More to 529 Plans without Affecting College Financial Aid
Q. My son, Bryan, is entering middle school. His grandfather (my dad) is coming for a barbecue for Father’s Day this weekend, and we are also celebrating Bryan’s birthday. My dad has been contributing to a 529 plan to help pay for Bryan’s future college education for years but is concerned about continuing to do […]