CHARITY
FEATURED CHARITY OF THE MONTH:
Tips to Save for Your Child’s College Tuition After You’ve Gone Through a Divorce
P
arents of college-bound students know that paying for higher education takes planning and saving. For divorced parents, it can be particularly complex. Whether they’re paying for the college bills solo or contributing to the expenses in partnership with their ex-spouse, there are a lot of financial and emotional items to consider. If you fall into this category, here are five tips to help you work toward your college savings goal. Tip #1: if
possible, seT aside Time for a
conversaTion wiTh your ex-spouse.
If you and your ex-spouse desire to work on funding college for your child together, it may be helpful to have an open and honest conversation to align on a savings strategy. Ask your ex-spouse to pick a time to connect with you on this topic. While it may seem formal, scheduling a conversation will ideally allow both of you to set aside other emotions and get on the same page about funding your child’s college education. When it’s time to talk, consider bringing in a financial advisor to help facilitate the discussion. A professional can help initiate the difficult topics, offer an informed opinion on how to reach a compromise and provide accountability as you divide and conquer the various expenses (see tip #2). Your divorce settlement may have stipulations or a framework to help guide the conversation. Tip #2: decide
aid, certain grants and loans) after taking into account the amount they expect your family to contribute. In general, the FAFSA considers the finances of the parent the child has lived with more in the last year when assessing any qualification for aid (and that parent – often called the custodian parent – should complete the FAFSA). If the child has lived with both divorced parents equally, the FAFSA factors in the finances of whomever has provided more monetary support in the last year. Different factors may be considered in the FAFSA calculation depending on your specific circumstances. Visit the FAFSA website for more details (https:// studentaid.ed.gov/sa/fafsa/). You may also contact the financial aid office at your child’s college of choice for additional help. Tip #4: pay close aTTenTion To accounT ownership of 529s. If you or your ex-spouse funded a college savings plan while you were still married, ownership of the account was likely decided in your divorce settlement. (Typically account ownership remains with the spouse who created and/or funds it most often.). If your exspouse retains control of one or more 529 accounts, consider if it makes sense – whether for financial or emotional purposes – to create your own account with your child as the beneficiary.
Tip #5: seT expecTaTions wiTh your child. Your child is likely considering a multitude of factors Decide sooner rather than later who will pay for to determine which college may be the best fit – expenses like tuition, books, a laptop, a parking pass, including which one may be the most affordable. Be and room and board. If your child plays an instrument, honest about the type of support he or she can expect participates in a sport or pursues another activity, there from you and your ex-spouse. Bear in mind that this may be additional expenses (e.g. uniforms, travel, doesn’t mean you have to share all the nuances of activity fees) for you to divvy up. If you’re able to come your arrangement. Rather, consider providing key to an agreement, put your game plan in writing to help details to help your child make their choice – and know keep you and your ex-spouse accountable. who to turn to when tuition or a school fee is due. It’s true that divorce may add a few extra steps and Tip #3: fill ouT The fafsa To see your considerations when saving for your child’s college opTions for poTenTial financial aid. tuition. But don’t let the complexity stop you. As a Regardless of how much you have in college savings, financial advisor, I have helped many clients sort out thetoneeds first is theforapproach in. I’ll work to find it’sPutting important fill out of theclients Free Application Federal I believe the details and feelwith goodyou about their plan and savings. the right financialannually, solutions to help you your planchild for yourIfunique And together, Student Aid (FAFSA) starting when you aregoals. interested in learningwe’ll what your options are your progress adjusting youryour plan along the waythis to help is atrack senior in high school.over Thetime, FAFSA determines for reaching goal, get talk you to a where financial advisor in your you eligibility want to go. child’s for financial aid (including needs-based area. how To divide and conquer
college expenses.
Renee A. Hanson CFP®, CEP®, CDFA®, CFS®, ChFC®, APMA® Private Wealth Advisor Affinity Wealth Advisory Group A private wealth advisory practice of Ameriprise Financial Services, Inc.
602.923.9800 7010 E. Chauncey Ln Ste 200 Phoenix, AZ 85054 renee.a.hanson@ampf.com affinitywealthadvisor.com
Ameriprise Financial Services, Inc. Member FINRA and SIPC.
20 • May 2019 • THE SCOTTSDALE STANDARD
PROJECT VETERANS PRIDE – THE JAMES WALTON HOME
By Beth Grady
I
t’s hard to believe that those who put themselves on the front lines and risk their lives for our country during their US military service are over 50 more likely to become homeless and to experience homelessness longer than non-veterans. Yet of the 23 million military veterans in the United States, 529,000 to 840,000 are homeless at some time during the year. In Arizona, there are approximately 1,036 homeless and jobless veterans. These somber statistics show the harsh realities that those in the military face upon discharge due lack of family and support networks, shortage of affordable housing, PTSD, and other barriers. One local Valley non-profit seeks to change all of this. Project Veteran’s Pride (PVP) is 501( c )3 organization founded by military veterans in 2011 with the mission to end veteran homelessness by creating a well-balanced environment that will restore the pride and dignity of those who served our country so that they can return as selfsufficient and productive members of society. Through the James Walton Home (JWH), PVP provides homeless veterans with a comprehensive 30/60/90 program that gives them a “hand up” to do just that. Opened in 2013, The James Walton Home is a transitional home that can house up to twenty homeless veterans per day in a safe, home-like environment where they complete the innovative PVP program. Residents are referred to JWH through the VA after a thorough vetting process. New residents are greeted with a warm handshake or hug, then given a day’s rest to decompress. After this, they will use their time at the JWH to get needed medical treatment through the VA, obtain job training, and seek permanent employment and housing. Residents are also given household responsibilities which empowers them
with a sense of duty and responsibility. Their stay at the James Walton Home will last up to 90 days.
“Our residents really do enjoy their responsibilities,” says Dr. Christeen Verchot, retired United States Air Force LTC, President of Project Veteran’s Pride, and Executive Director of the James Walton Home. “Their time of military service was led by structure and accountability, and they’re able regain that here, which will prepare them for success after their stay at The James Walton Home.” And the program WORKS. Since the first resident arrived on Veteran’s Day in 2013, over 650 now-formerly-homeless veterans have graduated the program. 91 have continued to live off the street. 79 are employed, while others have returned to living with their families and restoring those relationships. Dr. Verchot and her team stay in touch with their former residents, ensuring that they’ll always have a network to turn to. On June 21, they will reunite with ten James Walton Home graduates at the Dressing Vets for Success, the organization’s largest fundraising event of the year. Locally-owned Ceiphers Clothing hosts and produces the event, which showcases graduates of the James Walton Home modeling “Job Ready” Ceiphers Clothing looks. The event will also feature live entertainment, a raffle and live auction, and more. All proceeds will benefit PVP. Tickets are currently on sale, and sponsorship and raffle donation opportunities are also available. From the fashion fundraiser to bus passes to toilet paper to monetary donations, there are many ways you can help PVP carry out their mission and directly make a difference in a homeless veteran’s life. For more information and ways to help Project Veteran’s Pride, visit www.pvpjwh.org. For more information about Dressing Vets for Success and to purchase tickets, www.ceiphersclothing.com/philantropy. thescottsdalestandard.com
