08282016Sun
Last updateWed, 24 Aug 2016 12pm

Food & Wine

Peninsula brewers take center stage at SV Beer Week

Peninsula brewers take center stage at SV Beer Week


Courtesy of Derek Wolfgram
Hop Dogma co-founder and brewer Ethan Martini introduced beer lovers to his Alpha-Dankopottamus IPA at the San Mateo County Brewery Festival last month.

The fourth annual Silicon Valley Beer Week, held July 22-30, included...

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Your Health

Los Altos doctor takes lead role at American Heart Association

Los Altos doctor takes lead role at American Heart Association


courtesy of aha
Dr. David Lee of Los Altos, center, recently assumed the role of board president of the American Heart Association’s Western States Affiliate. Pictured with Lee are, from left, fellow board member Joni Byun and Kathy Rogers, executi...

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Your Home

Permanent pop-ups: Prefabricated homes hit the local remodel market

Permanent pop-ups: Prefabricated homes hit the local remodel market


Megan V. Winslow/Town Crier
The Krivokon family of Mountain View observes the installation of a prefabricated home on Pilgrim Avenue.

Pop-up houses are sprouting like mushrooms around Los Altos and Mountain View, but unlike other pop-up structur...

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On The Road

Beauty in our own backyard

Beauty in our own backyard


Genie Anderson/Special to the town Crier
The annual outdoor sculpture show at Filoli Estate and Gardens is underway.

People often look beyond local attractions when thinking about where to go sightseeing, but we should keep in mind that visitors...

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Senior Lifestyles

Monkey business: Senior Program volunteers lift spirits of sick kids

Monkey business: Senior Program volunteers lift spirits of sick kids


Photo Megan V. Winslow/Town Crier
Los Altos Senior Program volunteers – affectionately known as The Monkey Toy Ladies – make sock monkeys to comfort sick children.

Last year, nearly 400 children at Lucile Packard Children’s Hospital received a s...

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Wedding To Remember

Got a wedding singer? Musicians and engaged couples work in tandem to orchestrate perfect night

Got a wedding singer? Musicians and engaged couples work in tandem to orchestrate perfect night


Courtesy of Dick Bright
Dick Bright, a veteran Bay Area musician, manages local bands such as the Dick Bright Orchestra, Club 90 and Encore. His bands ramp up the energy at weddings.

A wedding soundtrack draws nearly everyone to the dance floor....

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Your Kids

Back to School

Is Early Decision the right choice for your student?

Is Early Decision the right choice for your student?


Courtesy of Hollis Bischoff
This chart compares the rate of Early Decision acceptances with the overall acceptance rate at various colleges.

As students apply to an ever-increasing list of schools, colleges are challenged to predict accuratel...

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Education IRAs aren't just for kids' college anymore

By now, you might have heard that beginning in 2002, you can contribute up to $2,000 annually to an Education IRA, compared to the current $500 yearly maximum. What many people aren't aware of is that recently passed tax-reform legislation greatly expands what you can spend this money on.

Previously your Education IRA could only be used to pay for college expenses. Beginning in 2002, you can tap these funds tax free to pay for a gamut of qualified school-related expenses not only for college but also for private and public primary and secondary educational institutions. Qualified expenses may include: computer equipment and software (no games) used by the student and other household members for educational purposes; Internet service used by the student and other household members for educational purposes (e.g. research for a term paper); tutoring; school uniforms; books and school supplies; transportation; room and board and tuition; and extended-day school programs.

By paying these and other education-related expenses with your Education IRA, you pay no taxes on your withdrawals, which gives you more buying power.

For example, if you contributed the $500 maximum to an Education IRA this year for your newborn child and then contributed the $2,000 maximum next year and every year until your child turns enters kindergarten, you could potentially accumulate $15,465 at an 8 percent annual compounded rate of return.

That money can be withdrawn tax free, which is a much better deal than if you had saved that money in an interest-bearing savings account and then had to pay taxes on the interest you earned.

Consider using a combination of an Education IRA and a 529 college savings plan if you want to save for your children's college and primary and secondary school education. The 529 plans can only be used for college expenses, but the Education IRA could be available to pay for school-related expenses until college. However, unlike other savings plans such as Education IRAs, anyone at any income level can contribute to a 529 plan.

Beginning next year, 529 plan withdrawals also will be federally tax-free. In addition, U.S. residents can participate in any state's 529 plan and set up accounts for their children, grandchildren, friends or even themselves. But keep in mind that each state's plan may invest your contributions differently and levy its own costs and fees. Be sure to shop around for the 529 plan that best fits your needs.

Education IRAs and 529 plans are a one-two punch that is hard to beat. With college expenses increasing faster than inflation, parents need all the help they can get. Your financial consultant can help you determine which savings plan, or combination, is the best strategy for you.

Steve Zeller is a financial consultant with A.G. Edwards & Sons Inc., member SIPC, 379 Lytton Ave., Palo Alto 94301. For information, call 326-5010.

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