Thu, May 15 2008
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Published July 31, 2007 09:09 pm - Four-year-old Ashlyn Kanakis wants to be a “pet store lady” when she grows up. College-savings plan receives high marks By Joe Hadsall
jhadsall@joplinglobe.com Four-year-old Ashlyn Kanakis wants to be a “pet store lady” when she grows up. “She loves dogs and cats,” said her mother, Mandy Kanakis. “We’re hoping it turns into wanting to be a veterinarian, though.” Like many parents, Mandy and her husband, Robert, of Joplin, have dreams for their family. They also worry about the cost of higher education. The Kanakis family already has begun saving for Ashlyn’s college education. Ashlyn’s grandmother, Dee Kanakis, is making contributions into a MOST account, Missouri’s 529 college savings plan. “We have been making annual contributions at Christmas,” Dee Kanakis said. “It’s a gift to help secure her educational future.” “It’s a big comfort to me,” Mandy Kanakis said. “Wherever she wants to go, we’ll be in good shape. She’ll be set.” Mandy Kanakis also is a “MOST Mom,” one of a group of volunteers across Missouri who make appearances at community events and share news about the program. In the past, questions have lingered over the best way to save for college, such as Coverdell Education Savings Accounts, 529s or using the Uniform Gift to Minors Act. Money magazine in its August issue said the best way to save is a 529 plan — named for Section 529 of the Internal Revenue Code — and that Missouri offers one of the best. Considering tax benefits and the cost of the plans, the magazine concluded: “You’d now be a fool to save any other way but in a 529 plan.” Missouri Treasurer Sarah Steelman hopes that message gets more people into a 529. “My goal is for every child in Missouri to have the opportunity to go to college,” Steelman said Tuesday. “MOST offers a chance for parents at every income level to put money away for their children’s education.” Missouri’s MOST — Missouri Savings for Tuition — plan was selected by Money magazine as one of 27 elite 529 plans. The magazine gave the plan high marks for offering a deduction on state income tax, and for direct availability to consumers without a broker. With as little as $25, a parent can open a MOST account and invest it in a mutual fund. Up to $8,000 — per parent — can be deducted from state income taxes. 
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