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Majoring In Minors

Leveraging Legacies

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Majoring In Minors

     Do you have any minor children (i.e., under age 18 in most states)? If you do, then your calendar is likely filled to overflowing with their school commitments and extra-curricular activities. Besides time, all of these commitments and activities require money … and lots of it. Since your children are worth the investment of both your time and your money, what plans have you made for them in a world without you? What would happen if your children were orphaned today?

Back-up Parents

     Who would you entrust with the responsibility of rearing your minor children to adulthood? By default, any surviving parent will be the legal guardian, or back-up parent, over your minor children. However, in the event there is no surviving parent, you must legally appoint the guardian(s) of your own choosing or a court will make the appointment for you. When selecting guardians, most parents appoint family members or friends with whom they share common principles, values and religious beliefs.

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Leveraging Legacies

     For many people, saving for retirement was once a top priority. Now, having reached retirement, they find that their resources actually exceed their needs and they can provide financial assistance to others. Some retirees find satisfaction in supporting their favorite charities, their children or both. Still others find great pleasure in helping their grandchildren, especially with post-secondary education funding. In fact, more than one grandparent has said if I knew how much fun grandchildren were, I would have had them first!

Section 529

     The law recognizes this special grandparent-grandchild relationship, offering several ways to facilitate financial generosity. In this article we review Internal Revenue Code § 529 (Section 529).
     Depending on your unique circumstances, there may be significant tax and non-tax benefits available under Section 529. Otherwise known as Qualified State Tuition Programs, Section 529 plans are administered at the state government level. Each state may design its own Section 529 plan (or possibly multiple plans) within certain federal parameters.

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