Page 22 THE EVERETT ADVOCATE – Friday, July 12, 2019 529 PLAN BENEFITS 29 plans are sponsored by state agencies or educational institutions and are available to all taxpayers. A 529 plan is a very good tool to provide for college savings. It also serves an estate planning need. If you are a US resident with 5 a valid social security number or taxpayer identification numBUYER1 ber, you can establish such a plan. The funds in a 529 plan that accumulate over time are to be used for education-related expenses, such as tuition and books at most accredited colleges and universities. The 529 funds may also be used for public and private primary or secondary schools (i.e. kindergarten through 12th grade). There is, however, a $10,000 cap each year for funds used to pay for public and private primary or secondary schools. A 529 plan has high contribution limits. For example, a parent or grandparent can transfer $75,000 in one calendar year into a 529 plan without using BUYER2 any of his or her lifetime gift tax exemption. This would represent a “tax-free” gift. This is equivalent to five years of tax-free annual gifts of $15,000 per done/ year fronted all in year one. The parent or grandparent would then have to wait until the expiration of another five years before additional contributions are made. Therefore, the $75,000 is immediately out of the parent or grandparent’s estate for estate tax purposes and for the Medicaid’s five year look-back period as well. If the parent or grandparent’s spouse joins in on the contribution to the 529 plan, another $75,000 in one calendar year Parkinson, Evan J Bautista, John Murphy, Melissa M Jewell, Robert V Virginia M English T Maccormack, Mark Maccormack, Doreen R Joslin-Chaves, Michelle Forrest, Timothy M Alvarez-Lopez, Roger A Creighton, Winsome R Sapkota, Ravi Kurstesn, Eleni Lopez, Paula J 596 Brothers LLC Muchoki-Wangai, Ernest Wanbui-Wangai, Naomy Imbornone Anna Est Digiovanni, Annmarie Bakeman Eunice K Est Bakeman, James E SELLER2 Jewell, Linda J English, Susan A Chavaes, Paul A can be contributed, resulting in a total of $150,000 being removed from the taxable estate and placed into the 529 plan. The tax benefit provided by a 529 plan is that the monies grow on a tax-deferred basis and are never taxed so long as the funds are used to pay for educational-related expenses. In Massachusetts, a contributor to such a plan can take a deduction equal to $1,000 if filing as a single taxpayer and $2,000 if filing married jointly. Funds in a 529 plan can be taken back by the parent or grandparent at any time. The beneficiary of the 529 plan can also be changed. For example, if one ADDRESS CITY 107 Glendale St 36 Prospect St 100 Harvard St 69 Floyd St 22 Birch St 97 Woodlawn St 1 Harvard St Everett Everett Everett Everett Everett Everett Everett child ends up not going to college, another child who decides to attend college can then become the beneficiary of the plan. Funds in a 529 plan can remain for a future expenditure as well, such as for graduate school tuition or room and board. Establishing a 529 plan early on and contributing to it on a systematic basis is the best way to begin planning for college education. As you are very much aware, the cost of a private college or university is staggering to say the least. State colleges are very affordable but even the cost of a four year state college can be $100,000 with full room and board and a meal plan. REAL ESTATE TRANSAC TIONS SELLER1 DATE 25.06.2019 25.06.2019 24.06.2019 20.06.2019 20.06.2019 20.06.2019 19.06.2019 PRICE $428 000,00 $410 000,00 $530 000,00 $730 000,00 $790 000,00 $680 850,00 $310 000,00 SAUGUS - Lots of potential with this 6 Rm, 3 Bdrm. Ranch on Cul De Sac w/ inviting brick fireplace in liv. rm. Kitchen leads to a screened porch and deck and level fenced yd. Additional space in basement that offers Family Room and more. Mins. from Shopping, Boston, Airport, and Trans...............$399,000 SAUGUS - Esquisite Grand Foyer makes 4-5 Bdrm Colonial a home with loads of sunlight beaming throughout. Kitchen opens up to lge. family rm. along with pellet stove overlooking backyard...............................................................................$499,000 Darlene Minincleri & Sue Palomba SAUGUS - Gorgeous Single Desirable Ranch Style home offers 6 rooms, 3 bedrooms, full bath, bright and sunny living rm with wood burning fireplace, spacious eat- in kitchen with plenty of cabinets and hutch area, three bdrms with lots of closet space.................$370,000 Luxury 1-2 & 3 bedrooms starting at $1800 a month! ~ RENTALS ~ WINTHROP - 4 bed, 1 1/2 baths, gleaming hardwood floors all new stainless appliances on two levels..$2500 WINTHROP - 3 bedroom, 1 1/2 bath, kitchen granite w/stainless gleaming hardwood..............................$2600 EAST BOSTON - Jeffries point Gorgeous rehab with gourmet kitchen stainless granite and sliding glass door out to private deck . Laundry included...........$2100 LYNNFIELD- Luxury high-end Kit. w/stainless appliances & granite counters, pool, gym won’t last...........$2070 53 Jackson St. Saugus (781) 813-3325 Call for a FREE Market Analysis NEW LEASE - Prime Commercial space on Route 1, South, Saugus. Incredible Exposure 1000 Square Feet Including all utilities. Call Darlene for Details! PEABODY - 4 finished levels along with each bath welcomes new owner. The lvng rm with granite floors incl. inviting fireplace, cath. ceiling, and dbl. doors leading to an ext. deck. 3rd level has 2 lge. bdrms with full bath incl. jacuzzi - 4 baths makes this home very comfortable! Roof 10 yrs. old, new windows, 2 sep. driveways, fenced level yard, & more. Mins. to Malls, Major Rtes. & Trans. Just move in..............................................$599,0000 SAUGUS - A hidden gem just miles away from Boston. Sunlight streams into impressive condo in a well-established Suntaug Estates. Featuring Lvng. Rm. & 1 generous bdrm. Brand new open concept kitchen, features granite countertops, s/s steel appls. and new flooring. Washer/Dryer hookups, storage, parking, Pool and more...........................................................$249,900 UNDER AGREEMENT SOLD UNDER AGREEMENT
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