Estate Planning Update – 02.09.21
Our team will continue monitoring COVID-19 vaccine updates as they relate to Hamilton County and the surrounding areas. If you would like to continue receiving our vaccine updates, please click “Subscribe” below and enter your contact information. Otherwise, you will no longer receive vaccine email updates from Chambliss.
We recommend signing up to receive real-time updates from the Hamilton County Health Department for the most timely and accurate information.
Please feel free to reach out to our team if we can be of any assistance to you.
529 Plan – A Double-Edged Sword for College Expenses and Estate and Gift Taxes
By: Rebecca Miller
My daughter turns 17 this week. As you might imagine, college is a frequent topic of conversation at our house. Where should she go to college? Will she be accepted at her top choices? What should she study? And most significant for her parents — how do we pay for it?
We’ve quickly realized that the cost of a college education is staggering. According to U.S. News & World Report, the average annual tuition and fees at ranked colleges in 2020-21 were almost $9,687 for in-state public colleges, $21,184 for out-of-state public colleges, and $35,087 for private colleges. Add room and board to that cost, and a family is looking at paying an average of $20,000 to $50,000 per year for college. Considering these numbers, it makes sense that some clients, particularly grandparents, may want to include paying for college as part of their estate plan.
Many parents and loved ones save for college by contributing to 529 Plans, but you may not have considered a 529 Plan as an estate planning tool. A 529 Plan is a tax-advantaged investment account. In other words, money contributed to a 529 Plan grows tax-free and can be withdrawn tax-free if it is used for qualified education expenses like tuition and fees, computers, books, and some room and board costs. There is a limit to the amount that can be set aside for each beneficiary, and these limits vary by state (ranging from $235,000 in Georgia to $529,000 in California). However, you don’t have to use your own state’s plan, and accounts can be set up for the same beneficiary in more than one state. The aggregate limit on balances doesn’t generally apply across states.
Using a 529 Plan as part of a long-term gifting strategy has a few advantages. For more information, click Read More.
Subscribe to the HCHD for Real-Time Vaccine Updates
Receive updates from the Hamilton County Health Department when new vaccination appointments are added to the schedule or when other important updates are released by clicking the Subscribe button and providing your contact details.
[Video] Fact vs Fiction: COVID-19 Vaccines
The Tennessee Department of Health is helping separate fact from fiction. Did you know there is no government issued verification card for those who receive the vaccine?
Also check out…
Resilience Strength Time (ReST)
Organized by Volunteers of America, ReST is an online, confidential program for care workers wanting to lighten the emotional toll the pandemic is taking, support their peers, and maintain doing their best for those who need them. Small group sessions of up to eight peers are scheduled nearly every day and last just one hour. Groups are free and confidential.
Four Questions to Help You Choose the Right Professional Trustee for Your Special Needs Trust
Not every potential trustee provides the best services for trusts designed for children with special needs. Here are some questions to ask while searching for the right one for your new trust.
What Is Long-Term Care and Who Provides It?
Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that this kind of care can be provided.
How Is the COVID-19 Vaccination Campaign Going in Your State?
Since vaccine distribution began in the U.S. on Dec. 14, more than 42 million doses have been administered, reaching 9.7% of the total U.S. population, according to federal data collected by the Centers for Disease Control and Prevention. The U.S. is currently administering around 1.4 million shots a day. Read the NPR article, which is updated regularly, for more information.
[Podcast] Track the Vax
For the latest vaccine news from MedPage Today, listen to the Track the Vax podcast on demand. Latest episodes include: Can COVID Vaccination Become Mandatory?; NIH Director: Collaboration Amid Chaos, and Biden’s First 100 Days; COVID-19 Vaccine Policies: Ethical Concerns; and The Distribution Debacle.
J&J Vaccine Provides Strong Shield Against Severe COVID
Johnson & Johnson’s one-shot vaccine generated strong protection against COVID-19 in a large, late-stage trial, raising hopes that it can rapidly reshape a stumbling immunization campaign. For details, check out Bloomberg’s article.
Beware of Vaccination Scams
From the TN Department of Health —
Beware of vaccination scams: Scammers are constantly finding new ways to take advantage of the COVID-19 pandemic to steal money and personal information. For example, scammers in Florida used an “Eventbrite” page to charge seniors money for fake vaccination appointments.
Here are some tips to keep in mind from the SMP Resource Center:
- You likely will not need to pay anything out-of-pocket to get the vaccine during this public health emergency.
- You cannot pay to put your name on a list to get the vaccine.
- You cannot pay to get early access to the vaccine.
- You will not be solicited door to door to receive the vaccine.
Learn more from the SMP Resource Center and the Federal Trade Commission.
Source: Tennessee Department of Health