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yet in grade school, O'Keefe is deliberating which educational savings vehicles will best serve her long-term goals. Meantime, she spends evenings with her daughter practicing workbooks and flashcards. "She loves puzzles," O'Keefe says, "But her favorite thing to do is listen to music. She begs me to play songs, so I put her in the stroller and go for long walks while we listen together. She's even assigned a special song to every member of our family, including me." And what would that be? "Uncle Cracker's 'Smile,'" she replies with a laugh. Meet the Advisors Experts interviewed for this story provide financial information that many parents would benefit from in funding their children's education. Here's a closer look at the financial advisors: Wil Brooks, owner and agent, State Farm Insurance (Toringdon). Paul Bass, attorney, The Law Office of Paul H. Bass PLLC (Fountains at Ardrey Kell), which concentrates on estate planning, corporate/commercial and real estate. Roberta Cianfrone, CPA/ Certified Financial Planner, senior tax manager, Blair, Bohlé and Whitsitt PLLC (Providence Park, I-485 and Providence), which provides individuals, corporations and organizations with tax, accounting, assurance and advisory services. Doug Woodruff, financial consultant, Charles Schwab (SouthPark). Stephen Ratcliffe, wealth management advisor and Certified Financial Planner for Northwestern Mutual (SouthPark). FALL 2010 Tips on Funding College Education 1 Create a Financial Security Net The experts advise parents to do this before saving for retirement or college. WIL BROOKS: "Get a minimum $500,000 term life policy (20- year), and consider a mortgage disability policy to make the house payment if a parent becomes disabled." "Single mothers should ask their child's father to purchase a minimum $250,000 term life policy (20-year) on himself with her as owner and the child's guardian as beneficiary. This is often done as part of the divorce settlement." PAUL BASS: Don't name minor children as a beneficiary of a life insurance policy. "The insurance company won't write a check to a minor. They'll have to ask the court to appoint a legal guardian to manage property acquired or inherited by a minor child if the value exceeds $1,500." To avoid this, parents can create a trust for minor children in their will, which can serve as a contingent beneficiary of life-insurance proceeds. A trust enables parents to place controls over use of funds and have them managed until a child is older — 25, or whatever age a parent deems best. Don't name your mother or father as guardian of your small children. Consider your parents' ages in light of your children's ages and possible needs. "True, they raised you right, but this position will last until the child is 18 and, if a child becomes disabled, it could last longer. It may be wiser to consider a sibling instead." Parents who personally guarantee a lease in a business they own or co-own should take out a term life policy to pay off the full cost of the lease over its term if they die. "That way your estate is not hit with the default, which would impact assets left to provide for children." 2 Funding for Retirement Versus a Child's College Education The experts agree: Retirement must be your first priority. STEPHEN RATCLIFFE: "There is an emotional and a financial decision to be made. The emotional decision is, 'I want to pay for my kids' education.' But if by doing that, you jeopardize your retirement, and you have to retire, either for health reasons or are terminated, and money is n at bucadibeppo.com PINEVILLE | 10915 CAROLINA PLACE PARKWAYs $ELICIOUS FAMILY STYLEFOODANDALLTHEFUNOFAN)TALIANGATHERING )T SARECIPEFORGOODTIMES CELEBRATING TEN YEARS 2000-2010 BALLANTYNE MAGAZINE 69 I t a l i a n is m o r e FOR GIANT MEATBALLS. HOORAY f u Buca.