TD Bank Financial 4Q earnings to plummet
TD Bank Financial Group said Thursday it expects to report earnings per share of 96 cents in the fiscal fourth quarter, ended Oct. 31. The company earned $5.48 per diluted share in the year-earlier period. The lower earnings are the result of heavy losses in its wholesale banking and corporate segments, the bank said. (TD)
Sallie Mae to employ 1,100 in Del.
Delaware Gov. Ruth Ann Minner said Thursday that Sallie Mae will open a new credit operations center in the state and hire 1,100 employees. (SLM)
Boscov???s could benefit from federal funds
Boscov’s effort to get out of bankruptcy may get help from the federal government, Pennsylvania Gov. Ed Rendell said Thursday.
Pa. committee not supporting Independence Blue Cross-Highmark merger
Pennsylvania’s Senate Banking and Insurance Committee voted 10-to-4 on Thursday to recommend against the merger of health insurers Highmark Inc. and Independence Blue Cross.
J&J Snack Food leader sells 400,000 shares
J&J Snack Foods Corp. acquired common stock worth $11.16 million from its CEO, Gerald B. Shreiber, the company said Thursday. (JJSF)
BMP Sunstone to sell constipation drug in China
BMP Sunstone Corp. said Thursday that a subsidiary has agreed to buy a constipation-treatment product that it plans to begin selling it in China next year. (BJGP)
GMAC wants to be bank holding company
GMAC Financial Services, the parent of troubled mortgage lender and major Philadelphia-area employer Residential Capital, said Thursday that it has applied for status as a bank holding company.
Manufacturing picture in Phila. worsening, Fed says
The Federal Reserve Bank of Philadelphia’s November survey of area manufacturers shows that activity fell again but not as steeply as it did from September to October.
Order halts launch of Teva drug
AstraZeneca was granted a temporary restraining order Thursday in its ongoing patent dispute with Teva over a child asthma drug. (TEVA) (AZN)
Riddle Memorial Hospital CEO Kennedy to retire
Riddle Memorial Hospital President and CEO Dan Kennedy is retiring at the end of the year after 29 years with the Delaware County hospital.


the distributions from the plan are taxable, albeit at the student rate.

Most experts are now saying that more 529 options only represent more ways to make the same mistake of investing in these plans. Your investments are locked into specific rules just for a tax benefit and the plan is completely lacking in flexibility. The Coverdell Education Savings Account is another alternative to Section 529. Both plans are similar in that they allow money to grow tax deferred. The Coverdell Education Savings Account may also be put towards primary and secondary education.

If your children qualify for financial aid and you want to use the 529 plans then put it in your name. You really don't want the plan to be considered your child's assets when financial aid calculates an aid package. For those high-income parents who probably won't qualify for financial aid, it would make sense to place the Section 529 under you child's name to take advantage of the lower tax rate.

Experts recommend purchasing a Series I United States savings bond with the child's name on it. It can be used for higher education and the interest income is exempt from federal income taxes. Another option for a high-income family is custodial accounts – Uniform Transfers to Minors Account (U.T.M.A.) or Uniform Gifts to Minors' Accounts (U.G.M.A.). These accounts are a way to shift assets to your children. You could also set up a complex trust which would include restrictions so that once the child turns 18 they would not be able to spend all the money on a car or sound system.

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