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About The nugget. (Sisters, Or.) 1994-current | View Entire Issue (May 30, 2018)
Wednesday, May 30, 2018 The Nugget Newspaper, Sisters, Oregon 19 Obituaries Walter Grensted Paul Larry DeForest 1923 — 2018 1944 — 2018 Walter Grensted Paul passed away May 12 at St. Alphonsus Hospital in Boise, Idaho. Walt was born August 12, 1923 to Walter George and Ethel Marie Paul in Roseburg, Oregon. He graduated from South Deer Creek Elementary School, then from Roseburg High School. While in high school he worked on the fam- ily farm at Hillcrest and on land he had rented. He also started his own trucking business. On April 7, 1945 he mar- ried Ruth Elizabeth Heck in Roseburg. They farmed on South Deer Creek where their two daughters, Nancy and Annette, were born. The family later moved to Sheridan, Oregon, where Walt farmed, logged, and served as chair of the ele- mentary school board. In 1963 they moved to Bend, Oregon, and in 1979 they moved to a new home that Walt built near Sisters. After the move to Bend, Walt worked for the USFS Deschutes National Forest until his retirement in 1985, though he remained on call to fight forest fires until 1993. After retiring, Walt often helped with volunteer proj- ects in Sisters. In 2004, Walt and Ruth moved to Hines, Oregon, where they met new friends through Senior Center activities and Walt served a term on Senior Center Board. Throughout his life, Walt was an avid outdoorsman. He enjoyed fishing, hunt- ing, running rivers, travel- ing, hiking and exploring – hiking even in 2018. He enjoyed reading history, par- ticularly of Oregon and the western United States. Walt and Ruth loved gardening Francis Larry DeForest of Sisters passed away May 10, in Bend, surrounded by his wife, children, and extended family. Larry was born in Boise in 1944 and grew up in Bruneau, Idaho. He married his childhood sweetheart, Letha Yates, in 1964. He served as a diesel mechanic on the USS Pomfret, a naval submarine, during Vietnam. After being honorably discharged from the Navy, Larry and his family moved to Sisters, where he was a heavy-equipment operator in the logging and construc- tion industries for more than 40 years. An avid hunter, he looked forward to going to elk camp every year with his family and also enjoyed hunting deer and game birds whenever the opportunity arose. Larry was a volunteer firefighter and ambulance driver with the Sisters Fire Department. At age 56, as part of his rehabilitation from bypass surgery, he climbed the South Sister, the first of three trips he would make to and always kept a beautiful yard. Walt enjoyed meeting people and always valued his many friends. Walt is survived by his daughters Nancy Shaw and her husband David of Boise, Idaho, and Annette Denker and her husband Tom of Ketchum, Idaho. He is pre- deceased by his wife, Ruth, and his sister Vernie Paul Deniston. A memorial will be pri- vate. 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Cascade Ave., Sisters the summit. He and his rehab buddies also participated in the 2002 Pole-Pedal-Paddle event in Bend. He was a beloved hus- band, father, grandfather, friend and neighbor. He will be remembered for his prowess as a heavy-equip- ment operator, his ability to fix anything, his work ethic and his willingness to lend a hand to anyone in need. Larry is survived by his wife, Letha; sister, Karen DeForest; brother, Lance Brown; son and daughter- in-law, Asa and Mindy DeForest; daughter, Laurel Davidson; grandchildren Josh Davidson and Kelsey Davidson; great-grandson Dawson Davidson; and future granddaughter-in-law Teague Teece. A Celebration of Life ser- vice is planned for 1 p.m. on June 2 at FivePine Lodge & Conference Center, 1021 Desperado Trail in Sisters. In lieu of flowers, the family asks that you consider mak- ing a donation to your favorite charity in Larry’s memory. Year-round FIREWOOD SALES — Kindling — — — SISTERS FOREST PRODUCTS 541-410-4509 SistersForestProducts.com How Your Tax Strategy Can Help Cover Rising College Costs In today’s world, many families rely on more than one strategy to save for the costs of their children’s education. Whether your children are getting ready for kindergarten or graduation, capitalizing on tax-saving opportunities can help make college a reality. Long-term saving strategies: The best defense to rising costs is to save early and often. While there are a variety of accounts and ways to save for college, 529 plans, Coverdell and custodial accounts offer possible tax benefi ts. 529 plans: These plans, named after a provision in the tax code, are one of the most popular ways to build savings over time. A parent or even a non-relative can establish a 529 plan for a student, with the ability to switch potential benefi ciaries any time. The person establishing a 529 account retains control over the assets and how they are used. Any earnings grow on a tax-deferred basis and any withdrawals used to meet qualifi ed higher education expenses of the named benefi ciary are income-tax-free. This is a signifi cant incentive to save for college and offers a great deal of fl exibility due to the high maximum contribution amounts, which vary by state. While contributions to a 529 plan are not deductible for federal income tax purposes, many states allow for deductions/credits on state income taxes. Check your state’s laws and consider making a contribution before the end of the year to claim a deduction/ credit on your 2017 state return. Custodial accounts: The Uniform Transfer to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA) custodial accounts offer a way to transfer assets to your minor. A named custodian manages the account until the designated minor is old enough to assume ownership (usually 18 or 21 depending on the laws of your state). However, because the student is the account owner, the assets may affect his or her eligibility for fi nancial aid. The tax benefi ts to the donor include reducing the size of the donor’s estate for estate tax purposes and the ability to exclude earnings on these assets from the donor’s income taxes, though income tax rules still apply to the child (and kiddie tax could have an impact). A Coverdell education savings account, a specifi c type of trust or custodial account, allows you to save for higher education as well as private elementary, middle or high school expenses. Contributions are limited at $2,000 a year for a single benefi ciary, and are only allowed until the minor turns 18. Any earnings in the account grow tax- free, and there’s no federal tax when the money is withdrawn for qualifi ed expenses. The account funds must be distributed before the designated benefi ciary turns 30, and any remaining money will be distributed to the benefi ciary with the earnings subject to tax and penalty unless the account is transferred to another family member. If the Coverdell is established for a special-needs benefi ciary, the rules vary. Tax-saving strategies when you are making tuition payments: Once you transition to paying for college expenses, there are potential tax credits and deductions that may help you save money on your tax bill. Tax credits: Tax credits provide a dollar-for-dollar reduction in taxes due. Credits can be earned in the year tuition is paid, in many cases, even if it is for the academic period beginning in January thru March of the following year. Payments made by the end of 2017 may qualify for a credit on this year’s tax return. Two credits you may qualify for include the American Opportunity Tax Credit and the Lifetime Learning Credit. Income restrictions and other qualifi cations apply, so work with your tax professional who can help you determine the best tax strategy for your situation. Tax deductions: Depending on your circumstances, you may qualify for deductions related to education expenses at the federal and/or state level. For example, a federal income tax deduction of up to $2,500 is available for the interest paid on a qualifi ed education loan, however, certain income restrictions apply. Consult with your fi nancial advisor about the best college saving strategies for your situation, and with your tax advisor on potential tax-saving provisions of the law. Mark Greaney is a Financial Advisor with PacWest Wealth Partners, an advisory practice of Ameriprise Financial Services, Inc. in Bend, Oregon. He specializes in fee-based fi nancial planning and asset management strategies and has been in practice for 17 years. Contact Mark at www.PacWestWealthPartners.com, or call him at 541-382-2354. Mark is located at 35 NW Hawthorne Avenue, Bend, OR. Ameriprise Financial and its affi liates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specifi c situation. Investment advisory products and services are made available through Ameriprise Financial Services, Inc., a registered investment adviser. Ameriprise Financial Services, Inc. Member FINRA and SIPC. © 2018 Ameriprise Financial, Inc. All rights reserved.
