Robert Stell FCCA’s Post

Today marks the start of Wills Week in South Africa, and we're focusing on what your will should include if you have children. Written by our planner, Lana Visser-Galant CFP® it is published by Smart About Money, and can be read here: https://lnkd.in/dGVSiMXt #lifestylefinancialplanning #WillsWeek #estateplanning

It’s January, which means new RESP room. If you have not considered front loading your RESP with a lump sum contribution, then you might be missing out on 25% more in RESP value by the time your child goes to University. It’s simple: contributing $2500 a year gets you the $500 government grant. But you only get government grants on your first $36,000 of contributions. And you can put $50,000 in an RESP. So, put that extra $14,000 in at the start of the plan, as early as possible! This way, more money grows tax free for a longer period of time, and your child has more money to fund their education. I know that many new parents don’t have $14,000 lying around. But in my experience, this is where your village can help. Approach grandparents, parents, uncles, aunts, siblings. Make the child’s birthday present RESP contributions. You’ll be surprised how much your village will want to help with this lump sum strategy. If your advisor has not had this conversation with you, then reach out to me directly and learn more. #RESP #investing #family #education

You wouldn't get married just for the optimal filing status. You wouldn't have a child just for the $2,000 tax credit. You wouldn't donate $50k just so you could itemize. So don't start a business just for the tax deductions. Don't buy real estate just to offset your W-2 income. Don't employ your kids just so you can skirt some taxes. 𝗣𝗮𝘆𝗶𝗻𝗴 𝗹𝗲𝘀𝘀 𝘁𝗮𝘅𝗲𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗯𝗲 𝗮 𝗽𝗿𝗶𝗼𝗿𝗶𝘁𝘆. 𝗕𝘂𝘁 𝗶𝘁'𝘀 𝗻𝗼𝘁 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗽𝗿𝗶𝗼𝗿𝗶𝘁𝘆. Step 1 is to figure out the life you want to live and strive to build a life that is fulfilling and enjoyable. Step 2 is to minimize the taxes you pay living out that life. A good tax planner and financial planner will follow this sequence.

A grant is a type of financial aid that, like a scholarship, does not have to be repaid. For this reason, a grant is referred to as gift aid. By contrast, a loan must be repaid by you or your child. Grants may be offered by a variety of sources: the federal government, state governments, colleges, and virtually thousands of private institutions. They may be available on both a financial-need basis and on a merit basis. Your child should look into any grants they may be eligible for, there might be more than you think. Learn more: https://hubs.ly/Q02wNMPP0 #Grants #CollegeSavings #FinancialPlanning #FinancialAdvisor #TWGWealthPlanning

Thinking about saving for your child's future? Allocating money into different pots can really help create discipline and help you plan for the future. It also sends a positive message to your children about getting into good money habits early in life: https://lnkd.in/etXAtBTe #FinancialHabits #FundingChildren

The earlier you start, the more you save! Investing in a 529 Plan when your child is young means more time for your money to grow. Start today and give your child the gift of education tomorrow. #StartEarly #529Plan

The earlier you start, the more you save! Investing in a 529 Plan when your child is young means more time for your money to grow. Start today and give your child the gift of education tomorrow. #StartEarly #529Plan

Families Handling Estate Plans: Check out the post by Mr. Wonderful today wherein he explains he's not giving money to his kids even though he is really able to provided for them. Families may handle their estate distributions by using "vales-based" distributions, such as graduating college, starting a business or other values important to the Grantor, instead of the typical "age-based" distributions which would occur as they reach certain ages. This guidance could create more lasting success for our country and your family. #estateplanning #wealthmanagement #livingtrust #professionaldevelopment

👶 Parents, every dollar saved today is one less borrowed tomorrow. Start your child’s college fund with a 529 Plan and enjoy tax-free growth. Why 529 Plans work: Flexibility for K-12 and college expenses Transferable to other family members State tax advantages Give your child the gift of education. Reach out to learn more. #529Plan #CollegeSavings #ParentingFinance

Did you know that property taxes in Harris County were recently raised by 8% without a vote? This was made possible due to a loophole in the law, allowing them to access additional funding for natural disasters. Interestingly, school districts have the same authority to claim a natural disaster and access additional funds. Montgomery ISD, however, chose not to exercise this right. Let's explore the implications of this decision and the potential impact on education funding. #PropertyTaxes #EducationFunding #NaturalDisasterLoophole