April 30, 2022 Issue, Page 10 of 14

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10 Community April 30, 2022 SWOSU Fire Dawgs Win Impressive Race the main race in the Charlie ‘The competition challenged and set the fastest time. class at the 11th annual Speed- students to design and buildThe Fire Dawgs were fund- fest held in Stillwater. The ed primarily through grants an autonomous fire truck that team also placed second for could navigate a course using from the Oklahoma NASA their overall design. sensors and GPS coordinates Space Grant Consortium with This was the first year with a goal of finding and ex- additional support from the SWOSU had an entry at Speed- tinguishing a fire. The SWOSU SWOSU Everett Dobson School fest. entry came closest to the fire of Business and Technology. New opportunities for 529 plan owners If you want to provide edu- 529 plan. Instead, a student's non-qualified withdrawals are cational opportunities for your total income amount will be re- taxable and could also incur a children or grandchildren, you ported directly from federal in- 10% penalty. may want to consider invest- come tax returns. This means Given the new rules affect- ing in a 529 plan. In recent that a grandparent-owned 529 ing a grandparent-owned 529 Southwestern Oklahoma peted in an aerospace design came away with some impres- years, this plan has gotten plan won't have any effect on State University (SWOSU) in competition and exposition, sive awards. more flexible, and potentially need-based financial aid eligi- plan, you should consult with a Weatherford recently com- and the SWOSU Fire Dawgs ‘The SWOSU Fire Dawgs won more powerful, than ever. financial professional to deter- bility. This benefit to families A key benefit of a 529 plan is already here, because 2022 mine how this plan can work is that earnings are generally will be used as the base year with other strategies to help tax free, providedthe money is for the 2024-25 FAFSA, so any meet educational expenses Quezada Selected used for qualified educational withdrawals taken in 2022, while, at the same time, not expenses. As the owner of the and also going forward, won't detracting from the progress plan, you can essentially name need to be reported as student you'd like to make on other im- any beneficiary you want, and income. portant goals, such as a com- to Represent SWOSU With this change, families you're free to change the ben- fortable retirement. eficiary as needed. Contribu- will now have more options In any case, consider looking tion limits are quite high, so on using 529 plans without into a 529 plan — it was already you can put away considerable jeopardizing financial aid. You as Nigh Scholar agreat tool for education fund- sums in a 529 plan - and you can generally withdraw any may want to, because college ing, and it can now offer your amount from the aggregate of costs have risen steadily over all 529 plans for higher educa- family even more options. the years. In fact, for the 2021- tion costs, but only the quali- 22 academic year, the College fied withdrawals - the ones This article was written by Ed- Quezada will attend the Board reports that the average used for typical education- ward Jones provided by Robert cost (tuition, fees, room and related expenses ~ will be tax- Stephens of Edward Jones Finan- academy April 29 through May board) of a public, four-year free. The earnings portion of cial Advisor. 1 in Oklahoma City. He is ma- college or university is more joring in parks and wildlife law than $27,000 for in-state stu- enforcement at SWOSU. He will participate in the dents and nearly $56,000 for students at private schools. Edward Jones academy along with other se- But 529 plans are no longer MAKING SENSE OF INVESTING lected students representing just for higher education. Over Edward Jones, Member SIPC two-year and four-year higher the past few years, the rules educational institutions in the governing 529 plans have 2014 W. 3rd | Elk City, OK 73644 changed, so they can now be state of Oklahoma. Each col- lege and university in Oklaho- used for: K-12 tuition expenses (up to en (580) 225-3156 ma may nominate one scholar- $10,000 per student, per year), ship recipient per year. Apprenticeship programs Financial Advisor [email protected] Quezada will receive a registered with the US. De- $1,000 scholarship. The schol- partment of Labor, and arships are for outstanding Student loans ($10,000 life- time limit for student loan students who are preparing repayments per each 529 TODAY for careers in public service. A plan beneficiary and another component of the scholarship $10,000 for each of the benefi- 204 Park view, Elk City, OK Southwestem Oklahoma university's representative at program is participation in ciary’s siblings.) State University student Fran- the 2022 George and Donna seminars on public service of- ‘And soon, a major change Collection of Angels Vases cisco Quezada of Elk City is the Nigh Leadership Academy. fered by the Nigh Institute. will affect the relationship Collection of Dolls Appliances between grandparent-owned Collection of Chickens Frigidaire Refrigerator 529 plans and the financial Outside Decour Washer and Dryer Providing comfort and, Supportfor End of Life chotces aid packages awarded to their grandchildren. Families apply- Planters Inspired Books Large Leather Very Nice Couches And ing for aid have not been re- quired to report grandparent- Collection Crosses Loveseat Hospice care provides medical services, emotional support, and spiritual re- owned 529 account assets on Tools & Fishing Leather Rocking Chair| sources for people who are in the last stages of a serious illness, such as cancer the Free Application for Feder- or heart failure. Hospice care also helps family members manage the practical al Student Aid (FAFSA). How- SO MUCH MORE! EVERYTHING MUST GO! details and emotional challenges of caring for a dying loved one. ever, under previous rules, you had to report withdrawals For questions regarding hospice service or eligibility, contact: (Caring from the grandparent-owned plans as untaxed student in- Carrie Perry, RN/ Adminsistrator come, which could reduce aid eligibility by up to 50% of the amount of cash received. ransitions Pat Welsh, RN/ Coordinator of Patient Care But that’s changing for the 2024-25 FAFSA, which won't ‘Senior Relocation + Downsizing + Estate Sales require students to report cash Check out our FB page Caring Transitions of Weatherford Some of the most common conditions are: support, including money tak- or Website www.caringtransitionswfdok.com for details. * Cancer * Failure to Thrive * End Stage Cardiac Disease (CHF) en from a grandparent-owned * End Stage Cerebrovascular Disease (CVA) * End Stage Amyotrophic Lateral Sclerosis (ALS) * End Stage Pulmonary Disease (COPD) Summer isaroithd * End Stage Liver Disease * End Stage Renal Disease * AIDS/HIV * End Stage Neurological Disease such as Parkinson's or Alzheimer’s carrte Perryrip RN Professional, Passionate Advance, Attentive... Our Difference Is Our Care Have you ever considered becoming a hospice volunteer? A fulfilling experience in the spirit Low Rates « Quality Services of giving and receiving. 28+ Years of Experience Roberts,RenaeAutomotive, 604 .N-Van Buren Elk City.».580;374;2960)