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Saving For Education Expenses

Vehicles Contribution Limits Control Uses Beneficiary Income Limits Tax Treatment Ability to Change Beneficiary
529 Plans:
Contributions are invested and grow federal tax free.  529 higher education savings plans offer maximum flexibility on many levels. CLICK FOR MORE INFORMATION
$150,000 -$200,000+ Depending on the plan you select May open with $50 to start Owner maintains control. Higher educations expenses such as tuition, books, room and board for college or graduate school. Can be anyone. The beneficiary does not have to be related to you. No income limits. Grows tax free from federal tax.  Withdrawals for qualified higher education expenses are free from federal tax.  Non-qualified withdrawals are subject to income taxes and 10% penalty on earnings.** Yes, must be blood relation
Coverdell Education Savings Account (ESA); formerly Education IRA Education account in which contributions grow tax free. CLICK FOR MORE INFORMATION 2,000 per year, per beneficiary Owner maintains control until beneficiary reaches age 30.  Education expenses such as tuition, books, room and board for elementary, high school, post secondary, graduate school. Can be anyone $110,000 Single
$220,000 Married
Grows tax free from federal tax.  Withdrawals for qualified education expenses are free from federal tax.  Non-qualified withdrawals are subject to income taxes and 10% penalty on earnings** Yes, must be blood relation
Uniform Transfers Minor’s Act (UTMA)
Custodial accounts in which securities are invested on behalf of a minor. CLICK FOR MORE INFORMATION
No limit. Custodian maintains control for the minor, until the minor reaches are 21. After age 21 the minor maintains control. Assets can be used for anything as long as it’s for the minor’s benefit. Can be anyone No income limits. Earnings on the account may be taxable at the minor’s and parents tax rate* No, once assets are given to a minor they are irrevocable.

*Consult with your tax advisor for specific tax information and recommendations.
**This tax benefit is effective through 2010 unless extended by Congress.

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Bank Among Friends
First Minnetonka City Bank
First Minnetonka Investment Center is a registered branch of LaSalle St. Securities, LLC.
Securities are offered through LaSalle St. Securities, LLC., Advisory Services offered through LaSalle St. Investment Advisors, LLC.
 LaSalle St. Investment Advisors, LLC is affiliated with LaSalle St. Securities, LLC.- a registered broker/dealer.
Tam Hubert, CFP® and Kristi Remus are registered representatives of LaSalle St. Securities, LLC.
940 N Industrial Dr., Elmhurst, IL 60126-1131. Member FINRA / SIPC. Not a deposit. Not FDIC insured.
Not insured by any Federal Government agency. Not guaranteed by the bank. May lose value.
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Mission

Enforce the Fair Housing Act and other civil rights laws to ensure the right of equal housing opportunity and free and fair housing choice without discrimination based on race, color, religion, sex, national origin, disability or family composition.

Major Goals

1. Reduce discrimination in housing by doubling the Title VIII case load by the end of 2000 through aggressive enforcement of civil rights and fair housing laws;

2. Promote geographic mobility for low-income and minority households;

3. Integrate fair housing plans into HUD's Consolidated Plans;

4. Further fair housing in other relevant programs of the Federal government; and

5. Promote substantial equivalency among state, local and community organizations involved in providing housing.