Life’s even better when you get your premium back.
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Ann Dunham Ins Agcy Inc Ann Dunham CLU CPCU LTCP, Agent Plano, TX 75023
State Farm Life Insurance Company can help you protect your family for less, build cash value, or even get your premiums back if the life insurance benefit has not been paid out at the end of the level premium period. Like a good neighbor, State Farm is there.® CALL ME TODAY.
Grandparents can give the gift of education
college education. But what happens once our children are
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grown and have children of their own? As a grandparent, you may want to help your grandchildren save for their education. Luckily, there are tax-advantaged vehicles available.
For instance, 529 plans allow you to set aside funds for a grandchild’s college education. As long as your grandchild uses the money in these accounts for qualified higher education expenses, there is no federal income tax on the withdrawals.1
Grandparents or other sponsors who have adjusted gross incomes below certain minimums can also contribute to a Coverdell Education Savings Account (ESA) to pay for a grandchild or beneficiary’s college education. You can contribute $2,000 a year to each beneficiary’s ESA. The funds can be used to pay for qualified higher education expenses or to pay qualified elementary or secondary school educational expenses. Withdrawals to pay such expenses are received free of federal income tax.1 With the tax-advantaged savings vehicles available to grandparents, you shouldn’t feel limited in your opportunities to help your grandchildren get the education they deserve .
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46 North Texas Kids • July 2011 •
www.NorthTexasKids.com
1Earning must be used to pay for qualified higher education expenses to be federally tax free. The earnings portion of a nonqualified withdrawal will be subject to ordinary income tax at the recipient’s federal marginal tax rate and subject to a 10 percent tax penalty.
The information presented in this document does not constitute tax advice. Please consult your tax advisor for specific information about your tax situation, including any state tax consequences of the investment.
Provided by Ann Dunham, Registered State Farm agent. Written by State Farm VP Management Corp.
s parents, we understand the value of a
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