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THE SAUGUS ADVOCATE – Friday, July 12, 2019 SOUNDS | from page 14 Page 15 529 PLAN BENEFITS 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 esta te for estate tax purposes and for the Medicaid’s five year lookback period as well. If the 5 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 a valid social security number or ta x pa y e r identification number, you can establish such a plan. The funds in a 529 plan that accumulate over time are to be used for educationrelated 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 any of his or her lifetime gift tax exemption. This would represent a “taxfree” 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 parent or grandparent’s spouse joins in on the contribution to the 529 plan, another $75,000 in one calendar year 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 taxdeferred 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 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. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, registered investment advisor, AICPA Personal Financial Specialist and holds a masters degree in taxation. Upcoming selectmen’s meetings Here’s some dates passed on by Wendy Reed, Clerk of the Saugus Board of Selectmen, for meetings through the fall. The Selectmen have extended their meeting schedule through September: August 14, September 4 and September 18. For those who have business before the board or who are interested in attending any of these sessions, the board meets at 7 p.m. in the second floor auditorium at Town Hall (298 Central St.). Main attractions at the Saugus Public Library There’s always something interesting or entertaining going on at the Saugus Public Library – for people of all ages – from young children to senior citizens. Children’s Library Director Amy Melton said that she has some fresh titles that kids are enjoying. Participate in the Saugus Public Library’s Adult Summer Reading Program and win a prize! Everyone who submits a book form will have their name entered into a drawing for a Kindle Paperwhite! For each book you read this summer, fill out a book form and drop it in the box at Reference, New Books or Large Print. The form is also available on the library’s website. Summer Reading at the library already began and ends on Monday, August 19. Here are a few events to check out: Friendship Storytime on Fridays continues. This special program for children, which begins at 9:30 a.m., is sponsored by the Coordinated Family Community Engagement Grant. It can help parents nurture their child’s social and early literacy skills with structured storytime. Let’s Get Ready For Kindergarten Playgroup! This program, which is sponsored by the Coordinated Community Engagement Grant, has summer hours on Wednesdays at 4:30 p.m. It’s recommended for children ages three through five. Saugus Public Library, 295 Central St., Saugus, MA 01906; 781-231-4168; sauguspubliclibrary.org Buy A Brick “The Saugus War Monument Call for Classified Advertising Rates 781-233-4446 Committee once again, is sponsoring the ‘BUY A BRICK’ Program to honor all those who have served their country. If you would like to purchase one in the name of someone who is presently serving or has served, in the memory of a loved one, or just from your family, school, etc., the general pricing is $100 for a 4” X 8” brick (3 lines), $200 for 8” X 8” brick (5 lines), and $500 (5 lines) for a corporate brick. Each FROM PAGE 19 1. On July 12, 1817, what author of a book with the subtitle “or, Life in the Woods” was born? 2. In what country was Caesar salad invented? 3. How many seconds can a soccer goalkeeper hold the ball: four, six or nine? 4. On July 13, 1977, what U.S. city experienced a power failure/blackout? 5. What is the oldest U.S. burger chain? 6. In 1863 in what country was the first set of soccer rules created? 7. On July 14, 2013, in what country was the world’s last telegram sent? (Hint: starts with I.) 8. What is dry ice made of? 9. How many railroads does a Monopoly board have? 10. Which state has an annual lobster festival in Rockland? 11. On July 16, 1850, what Cambridge, Mass.–born feminist writer died in a shipwreck off Fire Island? (Hint: initials MF.) 12. Where is the valley of Shangri-La? 13. What actress starred in “Some Like It Hot” and “Gentlemen Prefer Blondes”? 14. How many lanes does an Olympic pool have? 15. On July 17, 1997, what longtime five-and-dime chain store closed? 16. What did Bowie Kuhn have to do with baseball? 17. Where in the government has bean soup been a tradition? 18. On July 18, 1811, what author of “Vanity Fair” was born in Calcutta, India? (Hint: initials WMT.) 19. In 1802 American farmer Thomas Moore invented the icebox to transport what to market? 20. What do Emily Dickinson, Rhonda Fleming and Jeanette MacDonald have in common? Answers below, please no cheating! line is a maximum of 15 characters. “The improvement and upkeep of the monument on the corner of Winter and Central Streets rely on the generosity of donors through fundraising. “The brick application must be in by September 30th to ensure the bricks will be ready for Veteran’s Day. Please contact Corinne Riley at 781-231-7995, for more information and applications.” Let’s hear it! Got an idea, passing thought or gripe you would like to share with The Saugus Advocate? I’m always interested in your feedback. It’s been more than three years since I began work at The Saugus Advocate. I’m always interested in hearing readers’ suggestions for possible stories or good candidates for The Advocate Asks interview of the week. Feel free to email me at mvoge@ comcast.net. Do you have some interesting views on an issue that you want to express to the community? Submit your idea. If I like it, we can meet for a 15- to 20-minute interview at a local coffee shop. And I’ll buy the coffee. 1. Henry David Thoreau, author of “Walden” 2. Mexico (Julius Caesar was born in mid-July.) 3. Six 4. NYC 5. White Castle 6. England 7. India 8. Frozen carbon dioxide 9. Four 10. Maine 11. Margaret Fuller 12. In James Hilton’ novel “Lost Horizon” 13. Marilyn Monroe 14. Eight 15. F.W. Woolworth 16. He was the fifth Major League Baseball Commissioner 17. The U.S. Senate restaurant 18. William Makepeace Thackeray 19. Butter 20. Red hair

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