By Sybille C. Denninger
Good morning, everyone:-)
It's FEATURE FRIDAY again and today I am excited to introduce Donna Crocker, the President and founder of Good Harbor Investments!!!! The reason why this is cause for excitement is that Donna is the perfect person to go to for advice on how to pay for your kids' college. A college education is so expensive, it can make your head spin just thinking about it. $40,000.00 and up PER YEAR is not an easy sum to come up with but Donna, with 30 years of financial planning experience under her belt, is highly qualified to introduce you to savings plans specifically designed to cover costs of education.
Donna is a long-time Gloucester resident who greatly enjoys identifying her clients' financial planning needs, setting them up with the most advantageous investment portfolios, as well as managing their assets with her clients' best interest in mind. She takes pride in helping her fellow community members to secure a financially comfortable retirement, to cover college expenses, and to increase their savings by making well informed investment choices.
This is an excerpt from Donna's biography: "Donna first started her career working with a large financial institution. With a desire to serve her clients more objectively and offer a wider array of services, she became an independent advisor. She was a partner at Flagship Financial Group before founding Good Harbor Investments in 1990. She holds FINRA Series 6, 7, 24, 26, 53, 63, and 65 securities registrations and is currently pursuing the CERTIFIED FINANCIAL PLANNER™ certificate. She received a Bachelor of Arts in Economics from Ripon College."
Clearly an impressive CV, and once again proof that you do not have to leave Cape Ann to look for a knowledgeable, caring professional. Especially when it comes to your hard earned $$$ you want someone you can trust and also someone you can talk to in person when you have a question or concern.
But now, without further ado, here is a specific college savings option Donna highlighted in her interview with me. It is a plan called the "529 College Savings Plan". Each state has their own but you are able to invest in any state's plan since Massachusetts does not offer a state tax deduction. Here is where Donna's expertise comes in right off the bat because plans vary from state to state and she will find the best ones for you.
A 529 Plan is the only place to save money and use it tax free for college expenses. Any bill from college or university can be paid out of the invested funds without going through a ton of red tape or mountains of paperwork. Withdrawals are easy and you can have a check send directly to the college. You are able to set up individual plans for each child, pay any amount into the plan monthly, or invest a big chunk at one time. Making payments into a 529 Plan is easy with automatic contributions from your checking account or directly from paychecks. They are also an excellent tool when it comes to estate planning. Grandparents for example can forward a monetary gift to their grandchildren's 529 Plan five years! They have the option of distributing part of their estate without their beneficiaries incurring any taxes as long as the funds are used for college expenses. Also, any monetary gifts your children receive through the years for birthdays and special occasions could be deposited into their 529 Plans for the future.
Another great option Donna recommends is an employer sponsored 529 Plan offered by "American Funds" through which a business owner can extend this savings benefit to his or her employees without incurring any costs. It makes an excellent addition to any company's benefit package.
This is a great time to give Donna a call and arrange for a free initial consultation. She is always happy to assist you :-)
38 Pleasant Street Gloucester MA 01930
Donna is also a member of the Cape Ann Referral Group: http://www.capeannbiz.com/