Logan Bennis, RJFS

Over $100,000 in a 529 account and your kid isn't going to college.

A lot of parents avoid 529 plans for one reason:

They're afraid the money gets trapped if their kid doesn't go to college. That is not necessarily true.

529 plans allow you to change the beneficiary if plans change later on.

Meaning the funds could potentially be used for:
- another child
- a grandchild
- certain apprenticeship programs
- K-12 programs
- Future Roth contributions for your kids retirement

That flexibility is a big reason many high-income families still use them despite the hesitation.

I put together a simple comparison chart showing how:
- 529 Plans
- Coverdell ESAs
- UGMA/UTMA accounts
- A general brokerage investment account

Good reminder that the "best" account depends on the family and their goals.

Happy 529 Day!

Had the opportunity to join Sean Trace on the Growing Money podcast last week.

We had a great discussion around:
-Financial planning for families
-The psychology of money
-Long-term investing
-Protecting assets through insurance and estate planning
-And the importance of financial education

One thing I always try to emphasize:
Building wealth is usually boring — consistency, discipline, and time matter far more than "get rich quick" strategies.

Excited for the episode release soon.

"We'll just sell some stock for the down payment."

Purchasing $1M home and assets are all invested.

I've seen this exact situation play out multiple times

Someone is buying a new home before selling their current one.

Selling investments to cover the gap sounds simple… until it creates roughly $200K in capital gains.

Before pulling the trigger, look at a few other options:

One option is temporarily using IRA funds and rolling them back within 60 days after the home sold.

Client Immediately says:
"So basically… if the house doesn't sell in time, I'm screwed?"

Not exactly. But close enough that you want to be VERY careful with that strategy. Not something most should be doing unless they are 100% sure they will sell the home within 60 days.

Option 2: A Securities Based Line of Credit.

Very simplified:

Borrow against the investment account temporarily
Keep the portfolio invested
Avoid triggering immediate capital gains

Then once the old home sells:
Pay off the line
Move on

Sometimes one conversation beforehand can prevent a six-figure tax mistake.

If you're thinking of purchasing a home, before spending $200k on a tax bill, DM me "HOMEPLAN" and we can walk through it.

A few weeks ago during my first half triathlon, I had a panic attack in the middle of the swim.

Open water. People all around me. Couldn't control my breathing. For a minute, I thought I was going to die lol

This last weekend, I went back and did another one.

No panic attack this time. Stayed calm in the water and actually felt in control the entire swim.

The cool part is the numbers improved too:
-Bike speed was up almost 2 MPH
-Cut transition time by about 6 minutes
-Run pace went from around a 9:30 mile to an 8:30 mile

But honestly, none of those mattered as much as getting through the swim.

Crazy what can change when you just keep showing up!

A young couple in their 30's came into a meeting thinking college would cost around $120k.

The real projection came out closer to $330k.

Using historical college cost increases, that $120k number came out closer to $330,000 by the time their child turns 18.

$120k feels doable but $330k feels like a second mortgage.

Once we mapped it out inside their 529 plan, the conversation changed quickly.

With time on their side and a reasonable long-term growth assumption, they'd need to save around $800/month to potentially hit the goal.

Still meaningful.

But a lot different than feeling like they needed to somehow come up with $330,000 all at once.

Most people are guessing when it comes to college planning.

If you want to figure out what monthly number would put your family on track, send me a message with the word "College" for a one-page 529 breakdown.

This is a hypothetical story and not indicative of any specific situations or client. It is presented only as an example and not intended as investment advice. Investing involved risk and there is no assurance that any investment strategy will be successful.

Found an old sticky note inside my first investing book this weekend.

It said:

"Stocks that rise with interest rates."

Which is funny because I barely knew what interest rates actually were when I wrote it.

The book was Stock Investing For Dummies.

Over 10 years old now.

Back then, I thought investing was mostly about finding the next big winner.

I remember watching the first stock I purchased drop almost 40% in a pretty short period of time early on.

It wasn't because the business disappeared.

I just had way too much money sitting in one position for where I was financially at the time. Which was at $0. Blew up my account.

That experience stuck with me a lot more than any investing book ever did.

10 years later, I think long-term investing is less about being right all the time and more about right sizing the risk your willing to take.

And yes… I'm fully aware of what interest rates are now.

A gift that could cost $140k?

"Should I just gift the property to my kid now?"
Sometimes it creates a bigger tax bill.

Example: You bought a property for $300,000. Today it's worth $1,000,000.

If you gift it, your kid inherits your cost basis.

If they sell for $1,000,000: $1,000,000 - $300.000 = $700,000 That's a $700,000 gain.

At a 20% capital gains rate: $700,000 * 0.20 = $140,000

About $140,000 in tax.

If they inherit that same property instead, they may get a step-up in basis to current value.

Sell it for $1,000,000: $1,000,000 - $1,000,000 = $0 No capital gains tax.

The recent tax law changes kept estate exemptions higher than expected.

So for a lot of owners, the pressure to gift assets early just to avoid estate tax isn't as urgent.

This is the best way I've found to approach it: Before moving assets to the next generation, look at both sides, estate taxes and capital gains.

Read the Raymond James article regarding how the OBBB cleared up some estate planning opportunities.

And of course, always consult your estate planning attorney for any gifting strategies.

No sunset yet raymondjames.com

A $1M sale or inheritance doesn't mean you're set.

Quick example:
Sell for $1M
Walk away with ~$700K after taxes and debt

If you're used to $200K/year, now it needs to cover:

Your income
Health insurance ($1,500–2,000/month adds up fast)
Saving for the future
The truck and expenses the business used to pay for

Burning $200K/year, that $700K is gone in ~3–4 years.

The business was funding more than most people realize, including insurance, vehicles, etc.

So the goal isn't just "sell one day"

It's:

Get the business to run without you
And build your finances so they can stand on their own

If you want, I run a simple 15-minute number check where we map this out with your numbers.

Just DM me "numbers" and I'll walk you through it.

Happy Mother's Day Mom!

You raised an only child without letting me turn into a complete menace…. Appreciate everything you did and continue to do. Grateful for you always!

One of the biggest mistakes I keep seeing, even with $300K–$800K earners:

Lack of financial organization. They're doing well but their money is boxed in or scattered when they actually need it.

After working with 200+ families, here are a few patterns that cost people real money:

Do: Use your workplace benefits

I've sat with people making $120K+ who weren't taking a 4% match. That's ~$5K/year they left on the table. Over 10 years, that's a serious miss.

Also, group insurance (life and disability) is usually cheaper than anything you'll find on your own

Don't: Keep everything in one bucket

I worked with a family who had $600K saved. Almost all of it was in retirement accounts. When they needed $40K for an opportunity. Lack of access can kill the deal.

Do: Keep some money accessible

One person had to replace a roof + HVAC in the same year. $18K total.

No cash buffer = it all went on high-interest credit

That's the stuff that quietly sets people back.

Don't: Ignore taxes until April

I've seen $20K+ surprise tax bills from business owners who thought they were "good".

If you're making good money but still have money sitting idle and don't know the reasoning behind your current savings strategy, we have a simple system to help fix that.

When I build a financial plan, the first thing I show is a snapshot of every account and what it's doing.

DM me "PLAN" to get started on your financial plan.

This is a hypothetical story and not indicative of any specific situations or client. It is presented only as an example and not intended as investment advice. Investing involved risk and there is no assurance that any investment strategy will be successful.

At Raymond James HQ last week, I heard different portfolio teams making different calls on the market.

Same environment. Different positioning. That's what made it useful.

As an independent advisor, I can take those perspectives and apply them based on the client in front of me.

Especially when that client is a business owner clearing $600K+ with $300K–$500K sitting in the business account.

That money usually just sits there because no one has walked them through a clear plan with clear investment strategies.

How much to keep. How much to move. Where it should go to actually build something outside the business.

That's where flexibility and strategy shows up in real dollars.

Always love going to HQ and learning more about how we can better serve our clients!