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Divorce & Family

Exciting Changes Ahead for Michigan 529 College Savings Plans

The Michigan Education Savings Plan (MESP) recently announced important enhancements to its 529 College Savings Plans. These changes take effect on June 15, 2020. MESP is expanding the current investment lineup to include underlying investment options from Vanguard, Charles Schwab and iShares while maintaining the existing investment offerings from TIAA-CREF.  In conjunction with the new investment offerings, account owners will see more of their 529 contributions put to work with a reduction in overall fees.

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529 Plans: Student Loans Are Now Qualified Education Expenses

Each year the calendar provides a subtle reminder of the benefits of a section 529 college savings plan.  These plans offer tax-free growth of invested money as long as the funds are used for qualifying education expenses. In addition, many states offer tax deductions or credits for contributions made to eligible plans. The definition of qualified expenses within 529 plans has been expanded in recent years thanks to three pieces of legislation. All three changes

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The Benefits of 529 Savings Plans

Education costs continue to rise and the task of saving for college or trade school becomes more daunting each year. Fortunately, there is a village of supporters who want to help a child save for their education, including the ancillary expenses required to have a full and enriching educational experience. One of the most efficient and effective ways to accomplish this is by using 529 Savings Plans. 529 Savings Plans 529 Savings Plans are education

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Turn a 529 College Savings Plan into a Family Legacy

Have you dreamed of leaving a legacy for your grandkids and future generations? Such a legacy does not require a vast fortune or risky investments. Instead, you can give your grandchildren the gift of opportunity (and money). Simply push the use of the 529 College Savings Plan to its fullest potential. Standard Use of the 529 College Savings Plan In case you’re not familiar with the primary benefit of the 529 Savings Plan, it is

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Do you have a HIPAA Form or Health Care Proxy for your Adult Child?

As parents, we guide, care for, and protect our children. We make informed, researched, and well-intentioned medical decisions and protect their health and well being. But on their 18th birthdays, they legally become strangers, off-limits to us from a medical and legal perspective. Without a HIPAA form or Health Care proxy, we no longer have access to their medical information. It also keeps us from guiding their care. Not being able to order refills of

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How to Keep Your Family Cabin in the Family

Family cabins are part of many people’s retirement dreams. If you own vacation property, consider special cabin planning when creating your estate plan.  A cabin plan is a wealth transfer strategy designed to keep the property in the family after the owner’s passing. It can eliminate many of the challenges related to shared ownership. Wealth Transfer Strategies When the goal is to preserve the property for the family, the most complete planning scenario will incorporate a

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