Amy's Angle

3 Critical Considerations For How To Save For Your Child’s (or Grandchild's) College Education—Part 2 by Attorney Amy Clemmons Brown, Esq. If you have started to save for your child or grandchild’s college education, it’s worth considering whether to use a 529 plan, an education savings account, or an irrevocable trust.  Last week, we discussed 529 plans and education savings accounts, which are both popular options for saving for college education. One of the main reasons for their popularity is their tax-saving advantages. The money you contribute to a 529 account grows on a tax- deferred basis, and withdrawals are tax-free , provided they are used for qualified education expenses, such as tuition, room and board, and other education-related fees. That said, one of the downsides of 529 plans is that they come with strict limits on how you can use the funds (for education-related expenses only), and they also have a limited range of options for how you can invest your funds, pri...

3 Critical Considerations For How To Save For Your Child’s (or Grandchild's) College Education—Part 1 by Attorney Amy Clemmons Brown, Esq. If you have started to save for your child or grandchild’s college education, it’s worth considering whether to use a 529 plan, an education savings account, or an Irrevocable Trust.  Here’s what I think you should consider as you decide:  First, consider whether you want your offspring to have broader options than just the traditional college experience.  Since the start of the pandemic, college enrollments have declined by over one million students over the past two years, and with college tuition getting more and more expensive, many students are considering alternatives to the traditional higher education path. Gap years, travel, trade programs, and online training are replacing the traditional college education path for many, and if you want that to be an option for your children or grandchildren, you should be aware that the trad...

How Estate Planning Can Reduce The High Cost Of Dying—Part 2 by Amy Clemmons Brown, Esq. Despite the fact that it happens to every single one of us and is as every bit as natural as birth, very few among us are properly prepared for death—whether our own death or the death of a loved one.  Yet the pandemic might be changing this. According to Census figures, the pandemic caused the U.S. death rate to spike by nearly 20% between 2019 and 2020 , the largest increase in American mortality in 100 years. More than two years and 1 million deaths later, it's more clear than ever that death is not only ever-present, but a central and inevitable part of all our lives. Yet, some in the end-of-life industry believe the pandemic’s massive loss of life has also created an opportunity to transform the way we face death, grief, and all of the other issues that arise when we lose someone we love dearly. In fact, this sentiment is the mission of the new startup Empathy, an AI-based platform designe...

How Estate Planning Can Reduce The High Cost Of Dying—Part 1 by Attorney Amy Clemmons Brown, Esq. Despite the fact that it happens to every single one of us and is as every bit as natural as birth, very few among us are properly prepared for death—whether our own death or the death of a loved one.  Yet the pandemic might be changing this. More than two years and 1 million deaths later, it's more clear than ever that death is not only ever-present, but a central and inevitable part of all our lives. Yet, in what may be one of its few positive outcomes, some in the end-of-life industry believe that the pandemic’s massive loss of life has created an opportunity to transform the way we face death, grief, and all of the other issues that arise when we lose someone we love dearly. In fact, this sentiment is the mission of the new startup Empathy, an AI-based platform designed to help families navigate the logistical and emotional challenges following the death of a loved one. “For far to...