Katriona: So we’re approaching the end of the year and what we’re all doing right now is making lists. Lists of who we’re going to buy gifts for, what we’re going to buy, where we’re going to buy it. So here’s a thought for you about how to approach thart. Over to you Patricia!

Patricia: I have an excellent suggestion for those of you who have children of all ages in your lives - and they don’t even have to be related to you. For a child you care about, instead of buying gifts that are quickly outgrown or perhaps not suitable for any number of reasons… consider opening up a 529 college savings account to help that child in the future. These accounts can be opened very easily, 15 minutes or less, $25 or even less. It’s an account that can really benefit the child.

Katriona: And how does it benefit the individuals actually giving it?

Patricia: It’s a tremendous benefit to the individual giving it. Both the satisfaction of having established something that can be really useful in the future AND there is a state tax benefit available for residents of New York, New Jersey, Pennsylvania and Connecticut. In New York, $5000 a year can be taken off your state income tax as a single filer. It’s $10,000 if filing jointly.

Katriona: That’s incredible. And there’s also an opportunity to buy little gift cards.

Patricia: Yes, and for those who you want to invite to contribute, there are “Gift of College” gift cards available at CVS, online and at other retailers.

Katriona: If you want to know, contact details are below. Patricia is your lady!