Those of you who read the April newsletter probably noticed that the intro was missing; it was written but in the craziness of April 15, we forgot to add it to the newsletter before it went out. Sorry about that! We’re happy to welcome the month of May and all that comes with this month including better weather and great events happening out at IMS. My wife and I love the Indy 500. We consider it a bit of a fun reward following the busy schedule of April. We usually take the day off and head out to the track for Carb Day and then we also go with a group to the race every year – I think this might be our 16th year in a row! I’ll also get out to the track one more day when I help chaperone my son’s 6th grade class field trip. There is nothing like the sound of the IRL cars going around the track!
And since it is May, I’d like to remind everyone about 5-29 day. It’s a catchy way to remember to contribute to your 529 plan or if you don’t have one, it reminds you that it’s never too early (or late) to set one up for your children. A 529 plan is an education savings plan created to set aside funds for future college costs. Not only are you saving for college but there are also tax benefits to having a 529 plan. If you don’t have one set up yet, contact us and we can help you.
5-29 day isn’t just for families with children. Grandparents, aunts, uncles, godparents, etc can all contribute to your child’s 529 plan. A contribution to the plan is a great gift idea for children of all ages. It is, perhaps, not as exciting to unwrap, but it truly is a great gift and one that can come with tax benefits to the giver. If you’d like more information, give your CPA a call.
We hope you enjoy the month of May and that you have a great Memorial Day weekend!