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Lifestyle Connection
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from REDROCK FINANCIAL | January 2018
529 Plans Can Now Be Used for More than College
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New Tax Law Brings Changes to 529 Plans
 
The Trump Tax Plan that passed in late 2017 has raised opinions from all sides of the table. One item buried in the bill impacts 529 plans. Effective in 2018, your child's 529 plan can be used for K-12 education expenses in addition to qualified college costs. 
 
You can now use up to $10,000 a year to fund your kid's private or home school education needs. Until now the only tax break for private & religious education expenses was a Coverdale ESAbut those accounts can be very limited. This change may be helpful to many families who choose to send children to private schools.  
   

Note:  K-12 Expenses (savingforcollege.com) and LPL financial are separate an unaffilitiated entities.
What if There Were Only 100 People on Earth?
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What would it look like?
 
The world can be an overwhelming place. While a sense of self & nation first are important, it is also necessary that we understand where we fit in the global community. 
 
Here's a fun exercise.  
Click on the link below to see the make-up of the world with just 100 people in it.

Economic Updates

      
Legal Rights of Teens and Parents
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Once your kids turn 18, you are no longer able to make legal decisions for them.
 
It turns out you need to get your financial house in order even sooner than most of us thought! Once your kids turn eighteen, they are entitled to their own rights. This may come as surprise to many parents. Parents are no longer entitled to access their children's medical, financial or education records. 
 
Yes. Even if you are paying the bills for college, you won't be able to find out your child's grades. Do you think because they're on your insurance you have a right to know?  You'd be wrong!  Under privacy laws, your teenager's medical conditions are their own business. 
  
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

Diane Knight, CFP®, Kathleen Carpenter, CFP®, Benjamin Knight, CFP® and
Barbara Wagoner, CFP® are Registered Representatives with and Securities offered through LPL Financial, Member FINRA/SIPC.