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| Trendline Financial Monthly |
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Hi Everyone
Well the summer crazyness is over with getting married and honeymooning in Italy.
It is August which means Back to School and the usual thinking of planning / saving for college expenses. Naturally, the key is to start early and not put off until the kids are in high school. There are a number of methods and programs to assist and we can help you understand the financial landscape.
I hope you are having a pleasant summer and looking forward to cooler weather.
Peter Owen
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Ways to Trim College Costs
How can students and parents avoid the “extreme borrowing” phenomenon that can lead to years of burdensome loan payments? They can start by looking for ways to trim college costs so they won’t have to borrow and/or pay as much in the first place. Here are some ideas. |
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Avoiding Probate: Is It Worth It?
When you die, your estate goes through a process that manages, settles, and distributes your property according to the terms of your will. This process is governed by state law and is called probate. Usually, everything goes smoothly during the probate process as long as the executor does what needs to be done in a timely fashion and there are no family squabbles. Nevertheless, some people may want to avoid this process. |
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My child got a scholarship for college. Is it taxable?
If a scholarship is used to pay for college tuition, fees, books, or required equipment, it’s not taxable. But if the scholarship is used to cover room and board, travel costs, or optional equipment, or if it’s awarded as payment for teaching, research, or some other required service, then it is taxable. |
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How will a college scholarship affect my child’s 529 plan?
If your son or daughter gets a college scholarship, federal rules governing 529 plans allow you to withdraw from the account an amount equal to your child’s scholarship. You won’t owe the 10% penalty that typically applies to the earnings portion of any withdrawal not used to pay the beneficiary’s qualified education expenses. However, you’ll still owe income tax on the earnings portion of the withdrawal. |
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The information in any newsletter or within the website should not be construed, in any manner whatsoever, as the receipt of or a substitue for personalized individual advice from Trendline Financial Solutions. Advice may only be given after client has received a copy of the Firm’s Form ADV on file with the New York State Dep’t of the Attorney General, appropriate Firm disclosures as required by Law, and entered into a Financial Planning agreement with the Firm.
Trendline Financial Solutions is a Financial Planner Firm offering Financial Planning and Investment Management with offices in Southold, Great Neck and West Hempstead, NY – convenient to Garden City and Rockville Centre.
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