MADISON, Wis., Dec. 3, 2019 /PRNewswire/ — Edvest is excited to announce that it has joined with Military Makeover to award a $10,000 Edvest college savings account to a deserving Wisconsin veteran and his family. No taxpayer funds were used to fund the Edvest 529 account nor the Plan’s participation in Military Makeover.
Airing on the Lifetime Network and hosted by Emmy-winning talk-show host and veteran of both the Marine Corps and the Navy, Montel Williams, Military Makeover enlists conscientious designers, contractors, landscapers and other home improvement professionals to transform the homes and lives of military families across the country.
After being nominated by his family and friends, Strum resident and Iraq War veteran, Steven Wojcik was selected, along with his family, by Military Makeover to receive a full makeover of their home. In addition to the home makeover, the Wojcik’s spent some time with the Edvest team to discuss the importance of saving for college and how the family is saving for their three children.
“As veterans transition back into civilian life, they have a lot on their plate, including decisions on how to best plan for college or technical college for themselves or their family members,” said Kathy Blumenfeld, Secretary, Wisconsin Department of Financial Institutions. “Edvest is committed to working to help ease the burden by providing easy-to-use savings tools to help all veterans and their families achieve their goals.”
While the Wojcik family has been able to use Steven’s post 9/11 GI Bill benefits to pay for their oldest daughter’s education – expenses that fall outside of the bill or in excess of it need to be paid out of pocket. With one daughter currently enrolled at Chippewa Valley Technical College, and two younger daughters starting to plan for their post-high school education, Edvest wanted to start the family’s college savings efforts off on the right foot and was excited to present them with the $10,000 Edvest college savings account to help them along the way.
“It’s been great working with the Military Makeover team and getting to know a little more about the Wojcik family,” said Sec. Blumenfeld. “In honor of Sgt. Wojcik’s service and the sacrifice that he and his family made for our country, we are thrilled to give back and help kickstart their college savings.”
Edvest is a great tool to help Military families – and all Wisconsin residents – save for these expenses that fall outside the realm of GI Bill funding, scholarships, etc.
Here are a few things to consider as you get started:
- Edvest’s 529 College Savings Plan is flexible. You can contribute whatever dollar amount is feasible in your Edvest account ($25 minimum), and when it comes time to pay for college, savings can be used almost anywhere. Edvest can be used to pay for college, universities, technical colleges, professional schools, graduate schools, certain continuing education courses – nationwide and at many schools abroad. Edvest also offers the option to schedule automatic contributions from your bank account or by payroll deduction, making regular contributions hassle free.
- Saving with Edvest pays off even before college starts. Wisconsin families that save with Edvest can potentially deduct up to $3,280 per beneficiary per year ($1,640 for single filers) on their Wisconsin state income taxes. Limitations apply*. Families with more than one account may be eligible for a state tax deduction of up to $6,560 for two children, $9,840 for three children, and so on.
Everyone can help! Most parents can’t cover 100 percent of their child’s college education, which is why Edvest makes it easy for others to help contribute to an open account – making supporting a child’s future educational goals a win-win for everyone. In addition to helping an account grow faster, in certain cases, the contributor may also be eligible for state income tax benefits or to incorporate the gift into their overall estate and legacy planning. Even Wisconsin employers can contribute to employee Edvest accounts and can potentially receive a state tax credit. Please consult a tax advisor for the applicable maximum tax credit per employee per tax year. For more information or to open an Edvest account today, please visit Edvest.com. Edvest college savings specialists are also available Monday through Friday, 7 a.m. – 7 p.m. toll-free at 1.888.338.3789.
Edvest is Wisconsin’s 529 College Savings Plan designed to help families save for higher education expenses. Account owners can choose from 17 investment portfolios, access easy-to-use savings tools, and take advantage of in-state tax benefits for Wisconsin residents.
*To learn more about the Wisconsin College Savings Plan, its investment objectives, tax benefits, risks and costs, please see the Disclosure Booklet at Edvest.com. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. If the funds aren’t used for qualified higher education expenses, a 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. Consult your legal or tax professional for tax advice. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Wisconsin College Savings Plan. 1003380