529 Education Savings Plan - Hegwood Law Group

College Funding 101

Planning for your children’s or grandchildren’s college expenses is simple in theory. In execution, though, the process is often complex and confusing. Allow one simple principle to guide your plans: the earlier you begin saving, the more your money can…

Family Gifts: What To Do & What Not To Do

Generosity can be a beautiful thing. There is nothing quite like working hard for a living and sharing what you have earned with your loved ones. Unfortunately, though, there are some limitations on that sense of generosity when it comes…

Make Certain Your College-Bound Kid Has Packed a Health Care Power of Attorney

You thought you purchased just about everything for your child for college, but don’t forget one more important item: a health care power of attorney or health proxy. When a child turns 18, parents don’t have much authority under federal…

How to Plan For a Kid Who Can’t Handle Finances

Many parents face this issue, says NJ 101.5 in its recent post, “When you don’t trust a child with money.” There are some children, regardless of age, who need help managing their finances. By the same token, there are also…

Giving Grandkids Money for College

When a grandmother wants to give her two grandkids $50,000 each for college, there can be tax and financial aid consequences. The best way to go about this depends on what’s most important to the grandmother, says New Jersey 101.5’s…

Moving 529 Money Between Beneficiaries is a Piece of Cake

If you have multiple grandchildren with 529 college-savings accounts, can you move some money from one grandchild’s account into the oldest grandson’s account, since he’s starting college in the fall? Kiplinger says you sure can in “How to Transfer Money…