Recent Tools & Tips

New Uses for 529 Savings Accounts

A 529 account is a great way to save for education expenses. In a nutshell, once you set aside money in a 529, all earnings — think dividends, interest, investment gains, etc. — are Federally tax-free, as long as you use the funds for specific purposes. That’s a great benefit, especially if you start the account when a child is young, so your gains can compound tax-free.

Recent tax law changes have expanded the purposes for which 529s can be used. In the past, you had to use the money only for post-secondary education, such as college. This remains true. But now, you can also use the money for qualifying education expenses at any level, such as private elementary, middle or high school tuition — not just for college. This is obviously an important new benefit for parents with children in private school.

There are limitations, and every situation is different. Be sure to consult with your tax and financial advisors before making any decision.

Recent Tools & Tips

Keep Moving: Notes on Loss, Creativity and Change — A Review

In Keep Moving, Maggie Smith collects inspirational quotes and short essays to help people going through difficult times.

The 5 Love Languages — A Review

The 5 Love Languages helps committed partners better understand, and love, each other.

Social Media Gives New Meaning to Emotional Contagion

Emotional Contagion, first published in 1994 has new relevance, given the rise of social media.

Millennials Causing Declining Divorce Rates

Millennials divorce at a much lower rate than their Baby Boomer parents, according to a recent study.