529 Plans Explained
A 529 is a tax-advantaged investment account which encourages individuals to save for future higher educational expenses. Named for Section 529 of the Internal Revenue Code, the investment account offers tax-free withdrawals and earnings growth when the funds are used to pay for qualified education costs. You are not limited to investing in the state where you reside—Any U.S. state’s 529 plan can be used to pay for future college expenses at any qualified college in the United States. According to the Wall Street Journal’s The 6 Biggest Questions About ‘529’ Plans, American families have invested approximately $329 billion in 529 plans, with about $24,153 existing in each account.
Supported by Governor Andrew Cuomo, New York State lawmakers approved progressive bail reform on Monday, April 1, 2019. The new pretrial detention laws compose one of ten (10) bills that make up the $175 billion state budget and are intended to balance what many perceive to be an unfair criminal system for those charged by state prosecutors.
According to the New York State Coalition on Elder Abuse, America’s elder population is growing exponentially. In fact, adults who are 85 years and older are the fastest growing population segment in the United States. As these numbers grow, more adults are placed in nursing care facilities. The data show that as people live longer, vulnerability is amplified, creating a greater potential for mistreatment of our country’s oldest demographic.
In the realm of family law, grandparents have certain legal rights in regard to custody and visitation of their grandchildren. The overarching term to describe the process of becoming a legal caregiver for a child that is not biologically your own is called kinship care. Grandparents can seek temporary and permanent custody of children who are their blood relatives if the parents are unable to nurture in the best interests of the child. The broad purpose of placing a child with a suitable family member is to avoid placement of that child in the non-relative foster care system.
In recent years, cryptocurrency has raised important legal questions as its public popularity has increased. Cryptocurrency is a virtual currency that is created and controlled through the use of sophisticated encryption methods known as cryptography. The most well-known is Bitcoin, a digital currency created in 2009, which many believe is the economy of the future.
Cybersecurity is a concern for the government, businesses, and private citizens alike. As Cybersecurity becomes a growing concern, states have rushed to implement legislation dealing with a broad range of cybersecurity issues. In 2017 alone 42 states have introduced over 240 bills or resolutions targeting cybersecurity, and 27 states have enacted legislation. This new legislation has focused on improving government security practices, funding cybersecurity programs and initiatives, targeting computer crimes, and restricting public disclosure of sensitive security information.
Have you ever wondered what will happen to your Twitter, Facebook, and Bitcoin accounts after your death? In an era dominated by technology advancements, proper estate planning for the modern day incorporates final digital asset wishes into Last Will and Testaments. Anticipating and arranging digital media assets prior to death will do more than give you peace of mind; it will simplify the process of managing your post-death estate for your family, and trustee.
Parents of children accused of bullying can now face jail time under new legislation passed by the City of North Tonawanda, which took effect on October 1, 2017. By holding parents accountable for their child’s misconduct, North Tonawanda Common Council members hope that this new law will prevent and protect children from bullying, especially in schools. Parental penalties include a $250 fine, and/or 15 days in jail, if twice in a 90-day period, their child violates any city law, including bullying. By requiring parents to have greater control over their children, North Tonawanda hopes to become a safer city.