Posts Tagged: "account"

House Book of Important Documents

Princess Diana - December 30, 2017 - $20 or Less, Gifts for Me

Would your family know what steps to take if something tragic happened to you?

It seems like a gruesome question to ask, but anything can happen so we should all prepare the best we can for such a scenario to happen to us.

Death is hard enough to deal with. Your family will be grieving for you so don’t give them the added stress of worrying about hunting down your financial records.

That’s where a “house book” comes in. It’s a binder containing important documents and information about your assets and estate plans.

It’s also sometimes called a “family emergency binder” or a “grab and go binder.” Because if your house were to burn down, a house book would be just as crucial.

Gift of Education: 529 College Savings Plan

Princess Diana - November 24, 2015 - Baby Shower, Birthday, Christmas, Graduation, Kids, Money

As parents, we want to provide for our children. We give them food, clothing, shelter and affection. These are things they need now and today , but what about their needs down the road?

Parents also want to be able to provide for their children’s future, which is what my husband and I did when we opened up an Oklahoma 529 College Savings Plan for our son.

By saving and investing money to help pay for college or trade school, we’re giving our son the gift of education – a gift with lifetime benefits.

I must say, I felt an immense sense of pride after opening our son’s college savings plan because I knew it was one of the most important decisions I could make on his behalf.

The tax advantages that come with a 529 plan makes it a much smarter move than just opening up a regular savings account. For starters, contributions to our son’s Oklahoma 529 College Savings Plan can be deducted from our Oklahoma taxable income up to a maximum of $20,000 per year ($10,000 for individual tax payers).

In addition, the earnings portion of any distributions used to pay for qualified higher education expenses will be free from federal and Oklahoma income tax. That’s huge! It’s also important to know that what is considered “qualified” expenses goes beyond books, tuition and fees. For example, certain costs associated with room and board can be paid for with money from a 529 plan.