I remember back to the beginning of my career when almost all of my clients were older than me, and I saw things I wanted to replicate for my family in the years to come. I learned a great deal from our client family as they shared about family relationships, favorite memories, vacations, and a variety of life experiences. This was the important “stuff” for them. I have been honored to have walked the journey of life with them, and now we are walking that same journey with children of our original clients. With that being said, one of the most predictable and prevalent commonalities of a first-time grandparent was the tremendous excitement when they spoke about their grandchildren. They were enthusiastic and could not wait to hear that first word, see that first step, and go to the first ballgame. Indeed, grandchildren are a rich blessing!
The Price family recently welcomed Shepherd Locke Price (first child of our second son Jeff and his wife Kennedy) into the world on July 21st. “Shep” weighed in at 11 lb and 9 oz. Yes, he weighed almost as much as all three of the triplets put together! At this rate, he is going to have a D1 football scholarship as an offensive lineman. We are very thankful that Mom (Kennedy) and the baby are both healthy and doing well outside of some anticipated sleep deprivation.
We have begun the process to establish Shepherd’s 529 college plan to make future contributions in case the football scholarship does not work out. If you have recently welcomed a new child (or grandchild) into the world and want to learn more about the advantages of a 529 plan (recently improved by some changes in the law), give us a call.
“Lovey and Bobo” (what the grandkids call us) now have another babysitting client, and we are beyond excited! A client said it best several years ago… “If I knew grandkids were going to be this much fun, I would have had them first.”
About The Author
Randy Price serves as a Partner and an Executive Managing Director for The Price Group of Steward Partners. He resides in Houston with his wife, Lindy, and the family golden retriever. Lindy and Randy are recent empty nesters as their five children have all moved out of the house. Over the past 30+ years, Randy has helped families find comfort, confidence, and clarity regarding their wealth and their legacy. Randy firmly believes that everyone needs a wealth coach!
As with other investments, there are generally fees and expenses associated with participation in a 529 plan. There is also a risk that these plans may lose money or not perform well enough to cover college costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. The tax implications can vary significantly from state to state.
Investors should carefully consider the investment objectives, risks, charges and expenses associated with 529 plans before investing. This and other information about 529 plans is available in the issuer's official statement and should be read carefully before investing. Investors should consult a tax advisor about any state tax consequences of an investment in a 529 plan.