Which of the following statements is true about a 529

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22) Which of the following statements is true about a 529 college savings plan? A. You can deduct all contributions on your federal income tax return. B. To be eligible, your adjusted gross income must be less than $100,000 if single or $180,000 if married and filing jointly. C. There are no annual limits on contributions and you can save $300,000 or more in your lifetime. D . Money in a 529 plan is not taxed until you take it out to pay for college. 23) The federal loan that parents can take out to help pay for a child's college education is called 24) If your income drops and you can no longer afford private school for your children, you should 25) You should consider making a loan to a family member if
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D . 26) What is a good way for parents and grandparents to give gifts to children and, at the same time, teach them about money? A. Give gifts of cash rather than toys so that children learn how to manage money. B. Give gift cards instead of cash to help guide children to the right stores. C. Give U.S. savings bonds or other noncash financial gifts that introduce the concept of investing. D . Require the child to save 50% of cash gifts. 27) To exercise control over the financial future of your children after your death, you need a(n) 28) You need a will or trust because you 29) Once you have established a trust, what action should you take? Transfer all assets that have a title on them, including a house, bank account, brokerage account, and all accounts that have your name on them. 30) The four documents you must have to protect your family are A. a will, an irrevocable trust, an advance directive, and a durable power
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of attorney B. a will, a living revocable trust, a durable power of attorney, and an advance directive C. a prenuptial agreement, a will, a bypass trust, and a living will D . an emergency information form, a will, a living revocable trust, and an advanced directive
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