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Wednesday • November 19 • 2014 Financial Advice Column
Share Your “Bounty” with Your Loved Ones BOB KRYGSHELD
We cannot believe it’s been 3 years since we opened Ruben’s Mexican Grill. A big Thank You to all of our customers for your support. We have been truly blessed to have met so many great families, businesses and friends in this wonderful community. It has been a pleasure serving you and we wish to continue to serve you for many years to come. We invite everyone to come in and celebrate our 3 Year Anniversary. Please enjoy our homemade corn tortillas, fresh grilled meats, fire roasted peppers and our amazing fresh fruit margaritas. Once again, we Thank You from the bottom of our hearts... And remember, “Mi casa es su casa”, -Hilda & Ruben Calvo
ANNIVERSARY SPECIALS From Nov. 24th thru Nov. 30th
3364 Sheffield Ave. Dyer, Indiana (Hart Street) (219) 865-9800
Queso Blanco $3 Picadillo Style Beef Burrito $3 Flan $3 HOURS Tue. Wed. Thurs. Fri. Sat: 11am to 9pm Sun: 11am to 6pm • Mon: CLOSED
www.rubensmexicangrill.com
I t ’s a l m o s t Thanksgiving, a holiday that once celebrated the harvest season. Although many of us today may not be directly connected to agriculture, we still gather on T ha n k sg iv i ng w it h our loved ones to share whatever “bou nt y ” we may have. But this practice doesn’t have to begin and end with food. W hy not incorporate the spirit of sharing into your overall financial strategy? Here a re a few suggestions for doing just that: • Ma ke f ina ncia l g if ts. You could give shares of stock to your loved ones, or perhaps g ive t hem money to help fund their IR As. (They must have earned income, however, to be eligible to contribute to an IRA.) You can give up to $14,000 per year, per recipient. If you are ma rried, you a nd your spouse can each give up to the $14,000 yearly limit. • Invest in your children’s f u t u r e . To h e l p y ou r children meet the high costs of higher education, you might want to invest in a college savings vehicle. One option to consider i s a 52 9 p l a n . W h e n you contribute to a 529 plan, your earnings are subject to tax-free growth potential and distributions are free of federal taxes, provided they are used for qualified higher education expenses. (Keep in mind, though, that Section 529 pla n d ist r ibut ions not used for these qualified expenses may be subject to income tax and a 10% penalty.) Furthermore, if you invest in your home state’s 529 plan, you may receive state tax incentives. Tax issues for 529 plans can be complex, though, so you’ll need to consult with your ta x adv isor about your situation. Another benefit of 529 plans: You control the assets right up to the point at which they are actually used. So, if you
have been putting away money for a particular c h i ld ( or g r a ndc h i ld ) a nd he or she decides against college, you can easily switch to another beneficiary. • Review your insurance policies. If something were to happen to you, is your life insurance sufficient to take care of your family? In ot her words, wou ld there be enough money available to pay off your mor tgage, send you r children to college and help your surviving spouse meet at least some of his or her retirement expenses? A financial professional can help you determine if your life insurance is sufficient for your needs. • Consider involving your family with your estate pla n s. To help en su re your wishes get carried out the way you intended, consider keeping family member s i n for me d of y o u r e s t a t e s t r a t e g y, which could involve your will, living trust, power of at tor ney a nd ot her lega l doc u ment s. A nd don’t forget to keep your beneficiary designations up to date on you r retirement accounts and your life insurance policy. So if you’ve gone through changes in your family situation, such as a divorce or remarriage, work with your professional team, including your financial advisor and your tax and legal adv isors, to make ensure your investment strategy aligns with your estate goals. Onc e t he t u rke y i s eaten a nd t he footba l l ga mes have ended, Thanksgiving will draw to a close. But consider these strategies sharing your “bounty” with your loved ones all year long — and throughout your lifetime. This article was written by Edward Jones for use by your loca l Edward Jones Fi n a nc i a l Ad v i s or, Bob Krygsheld 501 W. Exchange St Crete, IL 60417 (708) 6722892.