Cresswind Whippoorwill Fall 2023

What to do with unused 529 higher-education funds

Okay,you established 529 College Savings plans for your children or grandchildren so that you could build up some tax-free savings to help with higher educational costs, but for a myriad of reasons, you never needed to use the entire balance inside that account. Maybe they got the Hope Scholarship and did not need as much money as initially anticipated. Or, maybe they went to one of our Military Academies and had their tuition paid for. Bottom line...you might have some money left over inside that plan and your child no longer needs it for educational purposes. What now?

Well, until January of this year, your options were pretty limited. You could change the beneficiary of the plan to a different family member. You could take money out of the plan for non-educational purposes, which would be subject to taxes and penalties. Or, you could just leave the money inside the plan and it could be used for a different family member down the road—perhaps for a great-grandchild one day. Well, the SECURE ACT 2.0, that was passed by Congress and signed into law by the President back in January, offers 529 account owners the option to roll unused 529 plan money into a Roth IRA for the benefit of the beneficiary beginning next year (2024). This unexpected feature of this legislation is wonderful, because it allows the money to remain in a tax-free account even though it won’t be used for its initial purpose (education).

There are very specific rules, however, that need to be adhered to in order to take advantage of this strategy:

• The Roth IRA must be in the name of the 529 plan beneficiary.

• The 529 plan must have been open for at least 15 years.

• The amount rolled over cannot include contributions (or any earnings on those contributions) made in the past five years.

• There’s a $35,000 lifetime limit on the amount that can be rolled over. But there’s more! Most typical Roth IRA contribution limits and rules still apply as well. That means clients won’t be able to transfer the entire $35,000 at one time. The current annual contribution limit for a Roth IRA is $6,500 for those younger than age 50, and that limit would apply to these rollovers from the 529 to the Roth. Thus, transfers would need to be made over several years. Plus, using this strategy could impact the child’s ability to add money to their own Roth or Traditional IRA as the annual contribution limit of $6,500 is the aggregate of all contributions.

In addition, the beneficiary must have earned income (from a job) to support the Roth IRA contribution. Clients may not be able to execute a 529-to-Roth rollover for minor beneficiaries unless those minors have earned income themselves (lawnmowing, babysitting, etc.).

There’s one existing Roth IRA rule that doesn’t apply in this situation—and that’s the modified adjusted gross income (MAGI) limit for contributions. Currently, an individual’s MAGI must be less than $153,000 to contribute to a Roth IRA. But this rule is waived and there are no income limitations for 529-to-Roth rollovers. This means that even high earners may benefit from this new rollover provision.

While we think this is an exciting new opportunity for parents, their children and grandchildren, you want to make certain that you do this within the confines of these complex and often confusing rules. So, if you have questions about how this might work for you or would like some assistance engaging this strategy, you can always reach out to us.

The fees, expenses, and features of 529 plans can vary from state to state. 529 plans involve investment risk, including the possible loss of funds. There is no guarantee that an education-funding goal will be met. In order to be federally tax-free, earnings must be used to pay for qualified education expenses. The earnings portion of a nonqualified withdrawal will be subject to ordinary income tax at the recipient’s marginal rate and subject to a 10 percent penalty. By investing in a plan outside your state of residence, you may lose any state tax benefits. 529 plans are subject to enrollment, maintenance, and administration/management fees and expenses.

Financial Network® does not provide tax advice.

future performance. Your experience may vary. For more information, please visit www. fivestarprofessional.com.

2015–2022 Five Star Wealth Manager Award created by Five Star Professional. The 2022 award was presented on 9/1/22 based on data gathered within 12 months preceding the issue date. 3,285 advisors were considered, 263 advisors were recognized. Advisors pay a fee to hold out marketing materials. Not indicative of advisor’s

Renee Borchardt, CFP® and Ray Dunlap, CFP®, AIF®

Lifestyle at Cresswind Peachtree City

Happy Fall!

Cool crisp mornings with warm mugs full of pumpkin spice everything in your hand as you snuggle under a blanket on the porch in your favorite sweatshirt admiring the beautiful, bright and bold colors of the fall foliage. With the changing of the seasons, I encourage you to consider a few changes in your own life. Perhaps enjoy all that is offered here to improve your health by joining a fitness class, or the new cooking club to meet new friends and learn to make healthy meals. Maybe take a walk to meet your neighbors & invite them over for dinner. Or even join the book club, discussion group or arts and crafts to sharpen your mind, challenge your knowledge or learn a new skill. And always make sure you have fun by coming to a concert, trivia or TGIF to meet new people and just live your best life here at Cresswind

Peachtree City!

About this Magazine

The contents for the Whippoorwill™ at Cresswind® Peachtree City Magazine is provided to the residents of Cresswind® Peachtree City for no profit, to ensure that residents receive relevant and updated content about activities, events and facilities. This magazine is provided at no cost to the residents of the Cresswind® Peachtree City community and is printed using advertising profits on a quarterly basis. Please support the advertisers who make this magazine possible. If you have any ideas or would like to contribute to its making, please contact Katie at: katie.oswalt@fsresidential.com.

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The information and advertisements contained in this magazine are provided to the members of Cresswind® Peachtree City and its homeowners association as a courtesy only. No representations are made as to information presented, the quality of goods or services advertised, or the veracity of the statements relating to the goods and services. The printing of opinions, information or advertisements does not constitute an endorsement by the Cresswind® Peachtree City community or such opinions, information, goods or services.

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Shirley Brimer Lifestyle Director

Why we love the Cresswind Book Club!

The Cresswind Book Club meets on the 2nd Wednesday of each month in our Ballroom. We are a diverse group of people who have a wide range of interests in literary genres. The books we read are often challenging to the mind, stir emotions, and spark deep conversations! Our December party and exchange is where we decide on what books we will read the next upcoming year.

The CW book club consists of readers who enjoy a diverse group of genres and writing styles. I joined two years ago after attending a few meetings and participating in lively discussions.

I love the variety of interesting and different perspectives that may not have been considered without the opportunity of the book club.

One of my favorite events every year is attending the Mercer Press Author’s Luncheon. I have met many authors and used their books when I have volunteered to facilitate the CW meetings.

In August, we will be reading “The Columbus Stocking Strangler” by William Rawlings, a native Georgian. I enjoyed meeting him and hearing him speak

at the luncheon last year. Mr. Rawlings will be joining the Book Club by zoom on August 9th!

This year, several CW book club members will be joining me in attending the luncheon.

The CW book club has a wonderful December function where we share fellowship and exchange books - of course!

Leslie Klein with author, William Rawlings.

I have loved reading all my life so joining the Cresswind Book Club was a big “yes!” for me! I’ve yet to read a club book that I didn’t find interesting, some more than others, and I have greatly enjoyed most of them. Our discussion leaders ask intriguing questions that really make me think about the story and characters. We’ve had some lively discussions!

Our book club has helped me to become a better reader by committing to reading and learn from diverse perspectives during our discussions. And I’ve read books I normally wouldn’t read. A big plus: I have meet many Cresswind neighbors that I wouldn’t have met

elsewhere! Reading is great for your mental health too!

Some time ago, I lead a discussion on “The 100 Year-Old Man Who Climbed Out the Window and Disappeared” by Jonas Jonasson. If you haven’t read the book, you might have seen the 2013 Swedish movie. It’s a quirky, madcap adventure comedy that I think some of our readers may have found “over the top” with its crazy humor. But they forgave me when I served volka tonics in honor of the main character of the book. Allan Karlsson loved his volka!

The book is pure entertainment as far as I am concerned. I found myself smiling as I turned

the pages and couldn’t help but chuckle at some of the situations that Allan and his group of friends found themselves in. A great feel good book that I would recommend to anybody.

Here are a few of the books we’ve read that I have enjoyed immensely: “The Book Thief,” “Where the Crawdads Sing,” “Educated, Whistling Past the Graveyard,” “The Light Between the Oceans,” and “Hotel on the Corner of Bitter and Sweet.”

I’m looking forward to reading many more amazing books with the book club. Please come join us!

I joined the book club the first year it was started. My main reason was I love to read (surprise retired teacher loves to read).

I had been a member of book clubs before, but they were groups of friends who tended to think alike and choose the same genres.

This club is different. First, it’s so convenient. It’s hard to skip a meeting when

all you have to do is go to the clubhouse. I found I really enjoyed the discussions. The participants are intelligent but not stuffy.

Sometimes we don’t agree or see things the same way but that’s what makes it good.

I read some books I would not have picked but found I really enjoyed or learned something. An

example is “The Night Circus” by Erin Morgenstern. I’m not a fan of fantasy and enjoyed it. After the meeting, I found myself wanting to read it again with a deeper understanding.

My choice for this year was “The Extraordinary Life of Sam Hell.” If you read it, you may find out why I dressed as a nun for the meeting.

My favorite book is “Cutting for Stone” by Abraham Verghese, as a hospital pharmacist and avid traveler I liked that it involved medical care, exotic places and education.

As a Phase I resident I’ve been involved with the Cresswind Book Club since early on. When Gail Shults

and I became co-chairs we barely knew each other but have now become Mulberry Court friends.

Meeting at the clubhouse is so convenient for our monthly gatherings and low stress for our discussion leaders.

Sometimes we have snacks or drinks related

to the books, but it is not expected. One creative leader had us paint cookies and another shared drinks featured in the book!

Lynne Kalil

Diane Brown

Kim Mashburn

Jan Conte

I love being part of the Cresswind book club. Not only do I get to know my neighbors, but I get to learn from them.

Reading the same book and discussing it stimulates more questions about the characters and the plot. The characters come to life as we express how they affect us.

This book club has been so enjoyable. I joined to meet new people with whom I’ve shared much laughter and together we gained knowledge about many books.

I’ve explored different genres and some authors I have not read before. A few of my favorite books were “Prodigal Summer,” “The Lincoln Highway,” and “American Dirt.”

When I moved to Georgia from Maryland not knowing anyone in Georgia, Book Club was a wonderful way for me to meet new friends. Book club was one of the first activities I joined and instantly became involved. I have enjoyed so many books that I typically would not have chosen. In particular, the various historical fiction books, I have found them to be very eye opening for me and has led to some very interesting discussions, with a wide range of points of view at our meetings.

The convenience of having the meeting at the clubhouse is a big plus as well. This allows us not to have to pick a different place every month.

Sharon Walton

Gail Shults representing the Blook Club at the Club Fair.

• Seller’s choice for a design consultant to help stage house OR free pre-list inspection. Your neighborhood Cresswind specialist, representing both new construction and resales. I can also sell in Oak Hill Reserve, by Kolter and Cresswind at Spring Haven, new communities in Newnan. Cresswind PTC resident for 6 years.

Muffins with Mom • Donuts with Dad

Lunch & Learn

Goldberg & Associates Elder & Estate Law Attorney

Porch Pro The Porch Conversion Experts

Dr. Claps of Resurgens Orthopaedics

Filmmakers Caia Coley & Michael Feifer(also residents) present “So you want to be in pictures, Kid!”

Kay McInroe

Choose a REALTOR You Can Trust

Celebrating 20 years buying, selling, and volunteering.

Soon after moving into Peachtree City, newcomers begin to recognize a unique thing about this city – there are volunteers everywhere! Whether they are volunteering on their own or through a church, or a civic organization, this unpaid workforce gives our city a unique quality of life. You might say that volunteering was in the DNA of our city. In the beginning, Joel Cowan is quoted saying, “My biggest concern was building a critical mass of people that would be capable of sustaining a self-governing city”.

In those early days, there was very poor service to the western side of Fayette County. When there were enough homes, the citizens organized a Volunteer Fire Department, and then they organized fun things like the Fourth of July Parade, and the Opry which became the “Fred Amphitheater”. If there was a need, someone stepped forward to organize a group to volunteer to take care of the problem.

In 2001, Kay McInroe moved to Peachtree City with her husband Bill McInroe who was a pilot with Delta Airlines, and their two

children who attended local public schools. Kay was a newcomer who got involved with volunteering at her children’s schools. In 2003, Kay became a Realtor, then joined the Kiwanis Club, where she rose to LT. Governor of Division 3. She was President of the Women’s Council of Realtors in 2008, and President of the Fayette County Board of Realtors in 2019, where she ran fundraisers and charity events.

Kay continued to volunteer when she joined the Southside Support, a non-pro t organization that supports Families with Children with Special Needs. She presently serves as President.

For her exceptional e orts as a volunteer, Kay received the “Good Neighbor Award” from the Fayette County Board of Realtors in 2022, and “Good Neighbor Award” from the Georgia Association of Realtors in 2023.

If you are considering relocating, you can trust Kay to help you nd the perfect t –whether you are buying or selling.

Call her today at 678-570-0717 or email to Kay@kaymcinroe.com.

Georgia Properties

Kay McInroe

Kay was born Kavita Chhabra in India, during a time of racial and religious unrest. She attended college and studied economics. After college she became a fl ight attendant with Pan Am where she met her husband, Bill McInroe who was a pilot. They got married right before he shipped out to serve the US forces in Desert Storm. Later the couple moved to Peachtree City where Bill continued his career with Delta, and Kay became a mom for their two children attending local public schools. During that period Kay began her career as a REALTOR. Kay’s experience of international life and world travel have enabled her to help buyers from places like England, India, Pakistan, Japan, Germany, The Netherlands, China, Korea, and Croatia to find a home in Georgia. She tells all of her clients, local or foreign, “we are with you ‘til you feel at home”. Kay is in the Top 2% Berkshire Hathaway Home Services Globally 2013-2022, and was the 2009 and 2020 Fayette County REALTOR Of The Year.

Kay McInroe

One of Kay McInroe’s recent listings in Cresswind Peachtree City.

Mahjong Club

• OUR CLUBS •

■ A Cultural Exchange Social - ACES

■ Arts & Crafts Club

■ Billiards Club

■ Book Club

■ Bridge Club

■ Bunco Club

■ Cigar Club

■ Cresswind Cooks Club

■ Discussion Group

■ Euchre Club

■ Euchre Social Club

■ Garden Club

■ Good News Club

■ Grape Expectations

■ Hand &Foot Club

■ Hiking Club

■ Humanism Club

■ Laughter Club

■ Mah-jongg

■ Men’s Golf League

■ Men’s Lunch Bunch

■ Oh! Sew Crafty

■ On Cloud Wine

■ Pickleball Club

■ Pinochle Club

■ Poker Club

■ Pour Excuse Wine Club

■ Singles & Solos Club

■ Tennis Club

■ Travel Club

■ Veteran’s Club

To see the club meeting times or the contact information please visit cresswindptcca.com -> Lifestyle -> Relationships

Jay Stogner, Pottery-Art Club

Mike Russell, Billiards Club Bridge Club

Let’s Get Moving!

• OUR FITNESS CLASSES •

■ Aqua Zumba – Classes are $6 each. Our schedule is Tuesdays at 10:30am and Saturday at noon. Please feel free to reach out to Lisa Stanley if you would like additional details: 609-284-7297.

■ Aqua Aerobics – Classes are $10 each. The schedule is Mondays and Wednesdays at 3pm. Please feel free to reach out Tonika Taylor for more information: 678-644-4742

■ Cardio Mid-Impact Aerobics with Ava Jordan; Tuesday & Thursday 7:30am-8:15am.

■ Cardio-Strength-Core with Ava Jordan; Wednesday at 5:30pm-6:30pm.

■ Dance Lessons with Sondra Chan! Tuesdays beginners 6pm and intermediate level at 7pm in the yoga room.

■ Healthy Backs with Tami Warman; Tuesday and Thursday; 10am-10:30am.

■ Let’s Dance with Roz! Saturday 10am-10:45am.

■ Line Dancing with Kandis Larkey; Monday 1:15pm-3pm; $25 per month experienced line dancers only.

■ Low Impact Aerobics with Fran!! Every Monday, Wednesday, and Friday at 9am.

■ Pool Walking Monday 8am-9am & Thursday 7pm-8pm indoor pool

■ Strength Training with Tami Warman; Tuesday and Thursday 9am-10am.

■ Volleyball 1st & 3rd Tuesday Indoor Pool 5:30pm - 6:30 pm.

■ Walking Group Thursdays 1pm Clubhouse

■ Yoga – Come join yoga with Jill! Thursday 2-3 p.m.; $10 per class. For more information contact Jill at 678-615-4854.

Tami’s Strength Resistance Training class.

Personal Trainer Mike Russell with resident, Karen Hillhouse.

A Moment with Bob

Robert M. Goldberg - West Point, 1982; University of Michigan Law School, 1990; Member of the National Academy of Elder Law Attorneys; Wealth Counsel; & Accredited Veterans Administration Attorney

If you have an estate plan, remember to review it and have it updated if needed.

Question: I would like to leave a legacy for my children and grandchildren and am concerned about the high cost of long term care. Would creating an irrevocable trust protect assets? And if yes, will I have to give up control of my assets?

Answer: Yes, an irrevocable trust can be used to protect assets for your family and allow you to qualify for Nursing Home Medicaid. You will not have to give up control of all of your assets, because you don’t have to put all your money into the trust. You can put in whatever amount you want to protect, for yourself and your family. You can keep out whatever amount makes you comfortable, to use for your own needs. Many families choose to deed their home to an Irrevocable Trust.

With regard to control of assets placed in the irrevocable trust, it’s true you no longer own them. But, you can still retain some important controls. Assuming the trust agreement is properly drafted, you could have right to change the trustee and beneficiaries. You will also have the ability to make gifts to your family as you see fit from the trust, without jeopardizing your Medicaid eligibility. Also, the funds you gift to your family could be used by them to help pay for your care in the future. You can even retain the right to receive income generated from the trust assets. There is a five-year “lookback” period when transferring money or real estate into an irrevocable trust. So, if you want to protect your home or other assets, you should consult an experienced elder law attorney as soon as possible.

Bob has practiced law for 33 years, focusing on Estate planning and Elder Law since 1999. His firm has assisted thousands of clients with wills, trusts, financial powers of attorney, health care advanced directives, Medicare appeals, Medicaid and VA benefits planning, asset preservation, and probate/trust administration.

Sons of Sailors Jimmy Buffet Concert • July 8

Pool Company ■ Aug 16 Dunlap & Associates

■ Aug 23 The Hearing Smiths

■ Aug 3o Elizabeth Winfield(Wine & Dine)

■ Sept 6 Goldberg & Associates

■ Sept 13 Dine with the Doc(Dr. Fryberger)

A South African Chophouse

Due South is an independent restaurant established in 2012. The next chapter features fresh seafood and local farming which come together to create our Seafood Kitchen. The menu features oysters, mussels, flounder, snapper and more. Follow us on Facebook for our specials, events, and more.

The Loft at Due South is our Private Event Center upstairs from Due South Seafood Kitchen. The Loft specializes in Rehearsal Dinners, Showers, Birthdays, and Corporate Events. Call 770-629-5847 for more info or visit theloftatduesouth.com.

Due South Seafood

Whippoorwill™ at Cresswind® Peachtree City

Advertiser Reference

Please Support Our Cresswind Advertisers

Van Meter, Clay - State Farm .......................... 770-487-5060

White, Karla–Berkshire Hathaway

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Important Numbers

• ALL EMERGENCIES CALL 911 •

• Peachtree City New Neighbors League

770-486-9116; newneighborsptc.com

• Peachtree City Convention & Visitors Bureau

191 McIntosh Trail, Peachtree City 30269

678-216-0282; visitpeachtreecity.com

• Mayor & City Hall

151 Willowbend Rd; 770-487-7657

• Library 201 Willowbend Rd.; 770-631-2520

• Fayette County Vehicle Registration 140 W. Stonewall Ave., Suite 109, Fayetteville 30214 770-461-3611; fayettecountytaxcomm.com

678-525-1433

770-486-1599

• Drivers License Georgia Department of Driver Services; 749 West Lanier Ave. #102; Fayetteville 30214; 678-413-8400; dds.ga.gov

Hours: Tues – Fri 8 am-6 pm, Sat 8 am – noon. Closed Sun & Mon.

• Fayette County Voter Registration 140 Stonewall Ave., Suite 208, Fayetteville 2014 770-305-5408; fayettecountyga.gov

• Polling Place for Cresswind Residents #18 Kedron – Peachtree City Christian Church 500 Kedron Drive, Peachtree City