MONEY

14 A 529: An Account Specifically Made For College Savings Saving for College

Having children changes everything. Suddenly you’re focused on their future as well as yours. Most families want to do everything to help their children succeed, and one way is to pay for some or all of college. Let’s explore one way to save for college:

Prerequisite:

Like taking a 100 level course before the 300 level course, there is a prerequisite to hit before saving for college. First, take care of yourself - get comfortable with your emergency and retirement savings. After all, your child can take loans for college, you can’t take a loan for retirement. Also, most would rather pay off student loans than pay for you in your old age (trust us, we see both circumstances). If you aren’t comfortable with your retirement savings yet, review our previous article for Evanston Woman.

529 Plans College Savings Plans:

If you believe you are ready to save for college, the best option is a 529 college savings plan. Why? Because any yearly investment growth is not taxed; additionally, the growth isn’t taxed if you withdraw it to use for education. That’s right, you never pay taxes on the investment growth if used for education. Another advantage of 529 College Savings Plans: if you live in Illinois, you can get an Illinois income

tax deduction for contributions of up to $10,000 per year ($20,000 per couple) to one of the Illinois sponsored plans. The Illinois Bright Start plan has solid investments and low costs. It is a good option for most people in Illinois. That said, each state has a 529 plan, and they don’t limit your student’s college choices. So you could, for example, live in Illinois contribute to a plan in Nevada (you would not get an Illinois tax deduction) and pay for college in Delaware.

With these plans, you open an account as the owner and contribute money for a beneficiary (your child). You then invest your contributions from several choices offered within the plan. One way to approach this decision is using the age-based mutual funds offered in all plans. They have funds for children of various ages (e.g. funds for children aged 0-2 or 3-5), which are great, simple options if you don’t feel comfortable making complex investment decisions.

529 FAQs: Extra money – If you have extra money in a 529 (a good problem), you have options:

school. You can withdraw the money, but you will pay taxes on investment growth AND a 10% penalty.

Scholarships – You can withdraw the amount of a scholarship without penalty (you still pay taxes on the investment growth). Or you can use the money for room and board and other qualified expenses.

Financial Aid – Yes, a 529 plan reduces your child’s aid eligibility. However, when the assets are in your name, it reduces aid only by a maximum of 5.64% of the account value.

What else should I know? There are two types of 529 plans: prepaid tuition plans and college savings plans. We find prepaid tuition plans restrictive and normally recommend savings plans (which we described earlier).

If you have questions, feel free to contact us through our website. Otherwise, we’ll talk to you again soon with an upcoming article about teaching your children how to manage money responsibly.

You can change the beneficiary of the account to a relative (normally from one child to another). You can save it for a child’s graduate

zimmermanwealth.com/contact-us

Joseph Meyers

If you ask anyone in the Evanston area what is one of the best places to shop for home gifts to fashion, people would say, Ten Thousand Villages. ‘Ten Thousand Villages is more than a store. We’re a global maker‑to‑market movement that breaks the cycle of generational poverty and ignites social change. We’re a way for you to shop with intention for ethicallysourced wares — and to share in the joy of empowering makers in ten thousand villages. As a pioneer of fair trade, we do business differently, putting people and planet first. That means you can trust that every handmade purchase and donation you make directly impact the life and community of its maker in a developing country.’

Joseph Myers really enjoys working with each of his customers and leading a team who oversees volunteers and an impeccable staff that provides excellent customer service. The talent in creating a space to choose items that customers like makes it easy when one is shopping for a loved one. His talent in navigating men in shopping for their partner becomes a hobby, due to his passion for his work.

Knowing that each item that is purchased is made with care, and a vision. Ten Thousand Villages is more than a Fair Trade store. Over a decade, Ten Thousand Villages has been serving the Evanston community, and today with Joseph leading the team in merchandizing, the storehouses the trendiest and up to date fashion for both men and women, specializing in spring dresses this season.

During the spring and summer, you can find Joseph at fairs throughout the Chicagoland area and North Shore. Growing customer interests goes beyond the basic footprint. In addition, almost every month a non profit organization will host an event to raise money for their organization. Combing community outreach, supporting women, and family, Joseph empowers the shopper, creator, and team member; making Ten Thousand Villages one of the most sought out stores in Evanston.

TEN THOUSAND VILLAGES (847) 733-8258 915 Chicago Ave, Evanston, IL 60202

Meet E xecutive Chef, Matthew Wilde, with Whiskey Thief Tavern, located at 616 Davis St, between Chicago Ave. and Orrington near Fountain Square. Born and raised in Minneapolis, MN, Chef Matthew Wilde’s interest in the culinary world was sparked at a young age. The son of an avid hunter, fisherman, and gardener, Mathew Wilde has always held a deep appreciation for fresh, locally grown produce and ingredients. Which ultimately fueled his interest in the world of culinary arts. Executive Chef, Matthew Wilde, At Whiskey Thief, Located at 616 Davis, Between Chicago Ave. and Orrington Near Fountain Square.

Chef Matthew Wilde graduated in 2000 with honors from the prestigious Le Cordon Bleu College of Culinary Arts in Minneapolis. Shortly after he traveled to Le Petit Pigeonnier in Chinon, France where he learned classic techniques and supercharged his passion for food. After returning home, Wilde brought his culinary methods and skills to a variety of fine dining establishments including Dakota Jazz Club, Lord Fletchers, Fhimas and La Belle Vie, where he worked under James Beard Award winner, Tim Mckee.

In 2007, Chef Matthew Wilde moved to Chicago and engulfed himself in the city’s progressive dining scene. While taking on numerous chef roles in some of Chicago’s hottest restaurants including 312, American Junkie, Black Bull, and Hubbard Inn, just to name a few, he became a notable “chef to watch”.

In the fall of 2019, Chef Matthew Wilde joined the leading team at Whiskey Thief Tavern, sharing his exceptional craftsmanship in the kitchen. His creativity and passion has led the way to new fare that has Evanston buzzing. Locals can indulge juicy burgers including the ever popular Bison Burger redesigned with wild mushrooms, black truffle and aged swiss cheese, while enjoying new whimsical twists on America’s comfort food such as Chicken and Waffles, blended with apples, scallions and spices served in waffle cones. In show of his support and new found love of the Evanston community, Chef Matthew Wilde has collaborated with other local businesses in hopes of taking Evanston’s dining scene to the next level.

States Attorney

Candidate for Cook County States Attorney Attorney Donna More

SHE WON A BATTLE AGAINST CANCER.

NOW SHE WANTS TO BEAT CRIME, VIOLENCE AND HATE AS COOK COUNTY STATE’S ATTORNEY.

She’s on her home field in Evanston talking with a group gathered to hear her story and find out how she’d do things if she were to land her dream job as Cook County State’s Attorney and replace Kim Foxx.

“I am passionate about the criminal justice system,” she tells the diverse audience. “It’s a place where the law counts, where public safety and justice coexist, where we have the power to hold violent people accountable, and the discretion to give non-violent people second chances.”

More, who beat breast cancer earlier in the decade and says the “life-is-too-short” episode inspired her to follow her dream no matter the risks, doesn’t mince words about her plans if she is elected State’s Attorney. She believes that the system is tilted in favor of the rich, the famous and the politically connected.

“This office should be about justice and fairness, not money and politics,” she says. “It must be led by an independent lawyer who isn’t influenced by the corrupt Cook County political machine or a billionaire’s ATM ... and I’m the only one running who answers that description.”

She vows to restore balance and integrity, asserting that criminal justice is a community effort that is based on trust, something sadly missing from the system today. The view comes from a year’s worth of conversations with police, victims, witnesses, advocates, pastors and others who have lost faith in the prosecutor’s office. Her views were formed early in life. The family lived in Evanston and she is a product of ETHS. Mom graduated from Northwestern and taught school. Dad was a lawyer who delighted in having his daughter at his side while he advocated in court for his clients, often giving voice to defendants in the criminal system.

“The first time I saw my Dad making an argument, I knew I was going to be a lawyer,” she says. “And when I graduated from Georgetown Law and landed a job in the state’s attorney’s office, I knew right then I wanted to be the top prosecutor.”

More, an experienced state and federal felony trial lawyer who has managed and won cases against murderers, rapists, and armed robbers, says the State’s Attorney isn’t charging cases, and the consequences can be devastating.

“We’re engaged in ‘catch and release,’ a phrase used by law enforcement to describe how they apprehend gunwielding carjackers, for example, and six-hours later they are back on the streets. Murder suspects are out on electronic monitoring in alarming numbers, and Sheriff Tom Dart doesn’t know where half of them are.”

“Foxx announced to gangs that she won’t charge thieves with a felony unless they steal more than $1,000 worth of merchandise from local stores. The policy has emboldened gangs so much so that Chicago has become the 4th worst city in America for retail theft.”

“This isn’t criminal justice to me,” More said, “This is malpractice ... and we’re paying the price in increased violence and crime. It has to be reversed.”

“The voters of Cook County want change,” she tells listeners, her 15-year-