Wednesday, January 18, 2006

Lakeshore Landing - Renton, WA

They are building a new outdoor shopping/entertainment complex near our house. To be completed 2007/2008. I think that'll boost our home value a little too!

Lakeshore Landing - Renton, WA

Saturday, January 07, 2006

Saving for college: Why 529 plans are so popular

Did you know that you can gift 5 years in advance? That means as a married couple, Allyson and I can gift $110,000 to someone and not pay a single penny in taxes.

Saving for college: Why 529 plans are so popular: "The money you put in a 529 account is considered a gift and, as such, qualifies for the annual $11,000 gift tax exclusion; that is, you can contribute up to $11,000 annually starting in 2002 without incurring any gift tax. According to the gift tax law, you can contribute five years' worth of 'gifts' in one year and not incur any gift tax as long as you don't contribute anything for the next four years. So if you had the money available now, for instance, you could contribute up to $55,000 this year ($110,000 if you're married) and let the interest on that money grow and grow. It's also a great way for grandparents to move money out of their estate quickly without incurring taxes. Keep in mind, however, that if you exceed the gift tax contribution limit in a given year, the excess money will be taxed at a rate of 20 to 50 percent, depending on how much you give. But if you're considering this option, check with a financial advisor or tax professional first."