June 12, 2021 Issue, Page 7 of 8

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June 12, 2021 Community 7 Teen learns hard lessons Father’s Day gifts If you’re a dad, you may be in either UGMA (Uniform Gift uted can’t exceed your child’s line to get some nice gifts on to Minors Act) or UTMA (Uni- taxable compensation for the Father’s Day. But your greatest form Transfers to Minors Act), year. gift may be your ability to help you are providing financial re- An IRA is a great introduction your children. One way of do- sources that can be used for to the world of investing. For ing that is to get them started education or another purpose one thing, your child can make in the world of investing – and that benefits your child, such small contributions through- making a few investments on as summer programs. out the year, so investing in their behalf. One potential benefit of an an IRA doesn’t seem burden- Here are three possibilities: UGMA or UTMA is that some some. Also, since an IRA can 529 plan – If you invest in a of the earnings will be taxed be invested in different types 529 education savings plan, at the child’s rate, which is of securities, your child can your earnings can grow fed- likely lower than your own. learn about various invest- erally tax-free, provided the Plus, UGMA/UTMA accounts ment vehicles – stocks, bonds, money is used for qualified typically allow a wide range of mutual funds and so on. Plus, As a young boy, I would ask full belly laugh. After that out- Just trust me and let me do educational expenses. (With- investment choices. However, you can point out that, with a my dad for permission for burst he would shake his head, what I know to do in your life.” drawals not used for these once children reach the age of traditional IRA, taxes won’t be something I wanted. Some- look me in the eyes and finally expenses will generally incur majority (typically 18 or 21) due on the earnings until your “ANDY AND RENIE ARE EXPECTING” times the answer was “Yeah respond, “Oh, you gotta be kid- But one thing is absolute about God; never will you see taxes and penalties on invest- ment earnings.) If you invest they gain complete access to child starts taking withdrawals sure, that’ll work, go ahead.” ding me, son.” the money and can do whatev- decades from now. (And with But all too often the response Truthfully, the only answer the words, ‘Worthy Requests in your own state’s 529 plan, er they want with it. a Roth IRA, withdrawals are Recently we had the opportunity to have lunch with a young newly married friend whom we I received was not exactly the I liked was the “Yeah, sure, Only.’ He is always hearing our you might receive some state IRA – A child with any taxable tax-free, provided certain con- tax benefits, too, depending on compensation, such as mon- ditions are met.) haven’t seen in a few months. After the usual banter and light gossip about the lives of mutual answer of my dreams. Quite regularly it was “No” with a that’ll work, go ahead.” But as I got older and wiser, I had to ad- appeals – no matter what they how your state’s tax laws apply ey from an after-school job, On Father’s Day, you can show might be. You may not like the to 529 plans. State-by-state tax is eligible to fund an IRA. You your appreciation for whatev- friends, we asked about his life now that he had been a husband for a while. His bride, his new firmness in his voice that I mit he was right in giving me response, but He will answer treatment may vary, so you’ll may want to open one on your er gifts you receive from your dared not question or cross. his “No” and even the ill-fated need to consult with your tax child’s behalf – and you can children. But by investing in house, their plans for the future- you know the drill. Then there were the times “You are kidding me, son.” your requests. The Bible says professional about your situa- “sweeten” the offer by match- their future, you can gain some when he would ponder briefly Sounds so much like our oth- in Jeremiah 33:3, “Call unto tion. ing some of their contribu- longer-term contentment. and say, “Mmm….maybe, let er Father, doesn’t it? We ask for Provided you stay within cer- tions. You can’t directly invest Oh my, the sparkle that came into his eyes as he told us that they were discussing the planning me think about it.” But way too something that we just know Me and I will answer, and show tain limits, you can also use a This article was written by Edward in the IRA, but you can give you great things you do not 529 plan to pay for qualified for their first child! Seems she was ready to have a newborn in her arms as of yesterday, often, he would turn to look will make our life perfect, and Jones.and Provided by Robert Ste- know.” You see, God is a wise K-12 expenses and registered phens of Edward Jones, Financial your child money for that pur- pose. Keep in mind, though, at me with a sharp glint in his God says “You’re gonna have apprenticeship programs. And though he was agreeable to the idea of becoming a daddy, he wanted to carefully lay out eye as he retorted, “I serious- to wait for that one, you’re just their Advisor. and loving parent, who will not you can even use it to repay that the total amount contrib- ly doubt that’s ever gonna fly, not ready right now.” Or we give you what you want, when certain qualified student loans, future…plan for a perfect time to have a baby. son.” plead for an answer that we it’s not good for you. within limits. Occasionally dad would just believe will solve our problem, A 529 plan can affect financial Time will pass, and most aid, but its effect is generally say “You best learn to wait for and He answers, “That’s not fl- We exchanged amused looks when he then wryly admitted, “But there probably never is a that one, son.” Unfortunately, yin’, son, but I’ll give you what of the time you will quoting lower than that of other assets. And as the account owner, you perfect time for a new baby in the picture, is there?” there were the instances when you do need.” And then there the old song by Garth Brooks, have control of your 529, so, if my appeals for a certain liberty are the times when God prob- “Thank God for unanswered one child decides not to go to didn’t get a “No” or a “Wait,” or ably shakes his head and says, prayers.” But if you never reach college or pursue further edu- He is correct, as every parent already knows. Babies bring with them financial burdens we even a “Maybe later, when you “You are kidding Me – no way that point, know that your Cre- cation, you can switch benefi- are a little older.” My request will I ever let that come into ciaries. cannot predict, years of lost sleep never to be recovered, and anxiety levels that could dwarf Mt would cause this experienced your life! You have no idea of ator knew what He was doing UGMA/UTMA account – When for you – even if you never un- Everest. And if the expected Little Miss Baby Jane is instead discovered to be a Jane, Jack and father of five to just stop what he was doing, and break into a the consequences that would bring on, years down the road. derstood. you establish a special type of custodial account known as Julie all in one birth… well, sleep, extra money and relaxation time becomes only a dim memory Summer Fun! for the next few years. May God help any couple stay sane if they become parents of multiples overnight. We Warmer have experienced some of weather means this outside more same anxiety and amazement of multiple new births this activites! past year. No, Renie is not expecting again! But we have watched as God took our simple plan forWe want baby a new to see -your chalk writing forartathis summer! “couple Email us a photo of newspapers eachto week” - and gave us multiple babies [email protected] within the space of a with year. a picture of you Column Coffeetime and your chalk now art is in over eighty papers, has its own to be and sponsored website featured as ofin March upcoming editions! 17, we will see the birth of the new Coffeetime: Hosted by Andy and Renie Bowman. Sizzling meal made for summer When you log on to our website Coffeetimecolumn.com, you will see a link that will connect you he season. mind the flavors of the season. to our Coffeetime Podcast. Click on any title and you will hear us laughing together as we discuss the real stories behind some of the Coffeetime Columns we have written. You will also FAMILY FEATURES very likely hearfor us many, relive some embarrassing and painful times in our life together. Or the true S ummertime, represents an opportunity to enjoy freshly cooked reasons Renie Steaks meals Executive whileChef recorded David enjoying her last musical CD, that reflect the struggle she endured, fighting time outdoors. Taking your efhidden David dishesphysical from ordinary to illnesses that threatened her life and the resulting debilitating depression she thick, juicy, starts extraordinary marbled flavor with chef- tried inspired to hide.recipes that call to mind the flavors of the season. flavor Whether you’re a steak enthusiast who enjoys nothing Parenting - the scriptural way according to us Bowmans? Yep, it’s there. Marital clashes fought more than a tender cut or a summer burger connoisseur fairly? We each have opinions on that too. You may not agree with us on everything - or looking for a fresh twist on two summertime tradition, favorites these recipes call–for anything - but you will hear a couple have fun together, talk openly about doing life together, high-quality beef from Omaha Steaks. Created by Omaha Steaks Executive Chef David and– trying to live in a way that pleases God. orites Rose, the New York Strips Oscar-Style complement the thick, juicy, marbled flavor New Bowman Baby on the way! of the steaks with sauteed asparagus, bearnaise sauce and jumbo lump crab meat. Or turn your attention to Fried Lobster Po Boy Burgers with pimento remoulade sauce for a tempting way to combine two summertime favorites – seafood and burgers. Visit OmahaSteaks.com for more summer meal inspiration. Fried Lobster Po Boy Burgers Fried Lobster Po Boy Burgers 1 large egg In separate medium bowl, whisk egg, water and hot sauce. Recipe courtesy of Omaha Steaks Executive Chef David Rose 1 tablespoon water Set aside. Prep time: about 20 minutes 2 dashes hot sauce In third medium bowl, whisk potato chips, panko breadcrumbs and Cook time: about 20 minutes 1/4 cup potato chips, finely blended in food processor parsley until well incorporated. Set aside. Servings: 2 1/3 cup panko breadcrumbs Cut lobster tails in half lengthwise, remove meat from shell and 1 tablespoon minced flat leaf Italian parsley season with remaining kosher salt and black pepper. Pimento Remoulade: 2 Omaha Steaks lobster tails (5 ounces each) 1/2 cup mayonnaise Toss halved lobster tails in flour mixture first, egg mixture second 1 1/2 tablespoons minced pimentos then potato chip mixture third, coating thoroughly. Cheeseburgers: 1 tablespoon Dijon mustard Fry lobster tails 3-4 minutes on each side until golden brown and 1 pound Omaha Steaks premium ground beef aks Executive Chef David Rose 1 tablespoon minced bread and butter pickles salt, to taste cooked through. Close grill lid between flipping. 1 pepperoncino (seeded and minced) freshly ground black pepper, to taste To make cheeseburgers: Preheat grill to 450 F using direct heat. Form 1/4 teaspoon smoked paprika 1/4 cup potato chips,2finely blended tablespoons in food unsalted processor butter, at room temperature ground beef into two 1/2 pound patties, each about 1/2-inch thick. 1/4 teaspoon garlic powder 2 brioche buns Cut lobsterUsing tails thumb, in halfmakelengthwise, dimple inremovecenter of meat eachfrom patty shell and to help 1/4 teaspoon freshly ground black pepper 1 tablespoon minced2 flat slicesleaf yellowItalian parsley cheddar cheese cook evenly. 1 tablespoon freshly squeezed lemon juice 3 leaves romaine lettuce, shredded Season both sides of burger with salt and pepper, to taste. Spread Recipe courtesyhot 3 dashes of sauce Omaha Steaks Executive Chef David Rose Toss halved butterlobster on eachtails in flour cut side of buns. mixture first, egg mixture second kosher salt, to taste To make pimento remoulade: In small bowl, mix mayonnaise, 1/4 cup potato chips, finely blended in food processor pimentos, mustard, pickles, pepperoncino, paprika, garlic powder, Grill burgers 4-5 minutes per side for medium doneness. Servings: Fried 2 Lobster Tails: black pepper, lemon juice and hot sauce until well incorporated. Cut lobster Add tails one slice in halfcheese cheddar lengthwise, on eachremove burger, meat close from shell lid and grilland about Vegetable oil, for frying 1 Season tablespoon with salt, to minced taste. flat leaf Italian parsley cooked 30 seconds through. to Close melt grillcheese. lid Remove between patties from flipping. grill to clean plate. 1/2 cup all-purpose flour To make fried lobster tails: Preheat grill to 400 F and add oil to Toss Place halved buns lobster cut sides tailsoningrill down flour mixture grates first, 20-30 and toast egg mixture second seconds, or 1/2 teaspoon kosher salt, divided 10-inch cast-iron pan about 1/2-inch deep. until well toasted, being careful to avoid burning. 1/2 teaspoon freshly ground black pepper, divided In medium bowl, whisk flour, 1/4 teaspoon salt, 1/4 teaspoon To assemble: Place desired remoulade on buns. Place cheese- 1/4 teaspoon garlic powder pepper, garlic powder and smoked paprika until well incorporated. burgers on bottom cooked through. buns.grill Close Toplideach with two between fried lobster tail halves. flipping. 1/4 teaspoon smoked paprika Set aside. cook evenly. Place handful shredded lettuce on lobster tails. Top with buns.