Grandchildren’s Future Financial Focus


Invest in Your National Grandparents Day is


Sept. 12. If you’re a grandparent, this day is meant to honor you — but you can also celebrate by investing in your grandchildren’s future. Of course, much of their future


success may depend on their abil- ity to receive a college education, but college is expensive. In fact, according to the College Board, for the 2009–2010 school year, the average cost (tuition, fees, room and board) for an in-state student for one year at a public, four-year school was more than $15,000, while a student at a private, four-year school paid, on average, more than $35,000. Furthermore, in recent years, col- lege costs have risen considerably faster than the general inflation rate, so if your grandchildren are still quite young, their college bills may easily eclipse the numbers shown above. Fortunately, if you want to help


your grandchildren pay for col- lege, you have some good savings vehicles to choose from, including the following: • 529 savings plan — A 529 sav-


ings plan allows you to put money in specific investments, managed by an investment professional. You can gift $13,000 per year to each grandchild without incur- ring gift taxes. All withdrawals from a 529 savings plan will be free from federal income taxes, as long as the money is used for the beneficiary’s qualified college or graduate school expenses. (With- drawals for expenses other than qualified education expenditures may be subject to federal and state taxes, plus a 10% penalty.) Also, if you participate in your own state’s 529 savings plan, your contribu- tions may be eligible for a state tax deduction or credit.


• Coverdell Education Savings


Account — Depending on your income level, you can contribute up to $2,000 annually to a Cov- erdell Education Savings Account (ESA). (Unless extended by new legislation, however, this contri- bution limit will fall to $500 per year, beginning in 2011.) Cover- dell earnings and withdrawals are tax-free, provided the beneficiary uses the money for qualified edu- cation expenses. Any nonqualified withdrawals from a Coverdell ESA may be subject to federal and state taxes, plus a 10% penalty. • Zero coupon bonds — When


you purchase a zero coupon bond, it is priced at a discount to its principal, or face, value. You receive the principal value when the bond matures. You could purchase a zero coupon bond that matures when your grandchild is ready to go to college — and you’ll know exactly how much you’ll be getting. Although you won’t be receiving regular inter- est payments throughout the life of the zero coupon bond, as you would for a typical bond, you’ll still be liable for the taxes on this interest. But by putting the bond in your grandchild’s name, the interest will be taxable at his or her tax rate, which will likely be much lower than yours. Before purchasing or titling a zero cou- pon bond, though, consult with your tax advisor. By making any of these gifts


to your grandchildren, you will remind them, once again, of how lucky they are to have grandpar- ents — which is, after all, the true meaning of Grandparents Day.


Tis article was written by Ed-


ward Jones for use by Bill Bough- ton, Weaverville’s local Edward Jones Financial Advisor.


Erwin


Grant is Erwin District Teacher of the Year


By Catherine Hunter Te Erwin District Teacher of the


Year award is a little different this year. Te winner teaches at Asheville-Bun- combe Technical Community College rather than Erwin High School. Eric Grant teaches in the Early Col-


lege program at AB Tech on the main campus near the hospitals. Te program is listed in the Erwin district because it is on the same bus route that brings many students from Erwin High School to the alternative school in the county. Tough he is not at Erwin High


School, Grant has the same goals and aspirations for teaching as other Erwin teachers. He believes that public educa- tion is very valuable and is a powerful tool in solving some of the local and global problems facing our culture to- day. “Most American kids go through


public education,” Grant said. “Beyond the basic studies, in a good school the students are inspired to make changes and become leaders in our world.” Grant is eligible for the Buncombe


County Teacher of the Year award which is selected by a committee of former district teachers of the year. Te committee will observe his teaching on Tursday (Sept. 9), and he will make a speech to the committee on Sept. 16. Te speech topic is about the new North Carolina teaching standards and how they will affect education. Te Early College program is a five-


year course at the end of which the stu- dent will have an associate’s degree in the arts or sciences. Te students enter the program in the ninth grade and take college courses along with high school classes. “Te hope is they will go on to a four-


year college after that,” said Grant, who added he loves teaching Early College


Fire quickly engulfs cont... Continued from page 1


side and to safety as the fire raced up a grassy bank and came within several feet of her home. “It just started spreading so


fast,” she said. Te other structure suffering


some exterior damage was a near- by garage, the Jupiter fire captain added. Davis said an unattended fire


pit, where a neighbor was burning cardboard boxes, was the source of the fire.


He added the shed that was


destroyed in the fire housed tires, lawnmowers and other outdoor equipment. Crews from the Weaverville and


Barnardsville fire departments re- sponded with Jupiter.


www.weavervilletribune.com 28 THE TRIBUNE/LEADER - September 9 - September 15, 2010 www.weavervilletribune.com


Eric Grant is all smiles after receiving his honor.


because he gets to work with the stu- dents individually. Grant didn’t grow up wanting to be a


teacher, but kind of knew it would hap- pen. His mother and two brothers are both teachers. Grant loves the work and


believes the students want to learn and are cooperative and interested. “Tey’re just like adults,” Grant said.


“If they felt the person in front of them has their best interest in mind, they will work hard.”


FAMILY VACATIONS THAN YOU DO FOR COLLEGE?


DO YOU PREPARE MORE FOR


Having fun with your family is important. But nothing is more vital than your child’s future. That’s why at Edward Jones, we can help you put together a strategy to save for college.


Using our education funding tool, we can estimate future expenses at more than 3,000 schools and then recom- mend a financial strategy based on your unique needs. True, vacations are great. But graduation ceremonies are even better.


For a free, personalized college cost report, call or visit today.


Bill Boughton, AAMS® Financial Advisor


.


61 Weaver Boulevard Weaverville, NC 28787 828-645-0341


www.edwardjones.com Member SIPC


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