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The Elevator Pitch
                                         ASK THE



                                               artsperts                                    www.harmonmeek.com







         by Kristine Meek and Juliana Meek                         599 NINTH STREET, NORTH, SUITE 309 | NAPLES, FL 34102 | 239.261.2637
        Dear Artsperts,

           What is your most interesting sales story?
           Signed,
           Pitch                                                                                                                                                                  Insights from Tom Moran AIF®

        Dear Pitch,
           When taking on a longstanding business and working with our father,                                                                                                   Chairman   |   CEO   |   CIO Moran Wealth Management®
        William Meek, who has been a part of it since 1972, there are very few
        sales scenarios he hasn’t encountered. Last year Juliana surprised him
        with a new one, a literal elevator pitch sale.
           Every year since 1964, our gallery has taken annual road trips to visit
                                                                                                                                                   ith the rising cost of education, securing a child's   Rollover to Roth IRA: A New Advantage
        artists in New York City. It is a chance to talk in person and pick up works
                                                                                                                                                   academic future has never been more crucial for     A significant update in the 529 Plan landscape is the ability to
        to bring back to Naples for the season. In 1964, that was with a station
                                                                                                                                          Wparents and grandparents. One of the most powerful        roll over funds to a Roth IRA. Traditionally, the 529 Plan was a
        wagon. Today, we have a large van.
                                                                                                                                          tools at their disposal is the 529 Plan—a tax-advantaged savings   commitment to educational savings since distributions could only
           Last year, we visited Jessica Daryl Winer in New York City, as we do
                                                                                                                                          vehicle tailored for educational purposes. With the upcoming   be used for educational purposes. The SECURE 2.0 legislation,
        every year. William was double parked and waiting with the van on the
                                          th
        street while Juliana met Jessica in her 11  floor apartment. Jessica had a                                                        modifications to the Free Application for Federal Student Aid   however, is a game-changer. From 2024, surplus funds in 529
        beautiful, large work of Central Park ready for us to take if we liked. Of                                                        (FAFSA) and the new provision allowing unused 529 Plan savings   Plans can be transferred to Roth IRAs, giving greater flexibility
        course, we loved it and were happy to take it for the season. Juliana and                                                         to be transferred to a Roth IRA, the 529 Plans are becoming an   to families, and eliminating concerns of over-contributing. It's
        Jessica wrapped it in plastic and took the work out to the hallway to take                                                        even more attractive option for long-term planning.        important to note that rollovers are subject to Roth IRA annual
        it down the elevator. There we met one of Jessica’s neighbors who was                                                                FAFSA's New Take on Grandparent-529 Plans               contribution limits. With a lifetime cap of $35,000 on transfers to
        waiting for a family member to come up the elevator.                                                                                 Historically, there was apprehension surrounding grandparent   a Roth IRA, strategic contributions to the 529 Plan can optimize
           She asked about the work, never knowing Jessica was an artist until                                                            contributions through 529 Plans, fearing they would negatively   this benefit. Additionally, the 529 account must be more than 15
        that moment. Juliana told the neighbor about Jessica and how her work                                                             affect a student's eligibility for financial aid. The upcoming FAFSA  years old. This is to ensure that these Plans, primarily created for
        is well received in Naples. Jessica depicts scenes of New York in vibrant                                                         revision addresses this, removing questions related to grandparent   educational purposes, are indeed used for such before considering
        color and energy but in an almost airy manner. The neighbor loved the                                                             financial contributions. Consequently, grandparents can fund their   them for retirement savings.
        painting.  Its  beauty  was  evident  even  through  the  layer  of  protective                                                   grandchild's 529 Plan without risking their aid eligibility. These   Conclusion
        plastic. The neighbor was also impressed by Jessica’s reputation, with works                                                      changes not only make it more appealing for grandparents to start   The world of 529 Plans is evolving, offering more flexibility
        in museums in New York and Florida, as well as public installations in   Jessica Daryl Winer in her studio in New York City       a 529 Plan but also offer assurance that accumulated savings will   and options for a family to secure their child's future. At Moran
        Manhattan. All this was conveyed in just the time it took for the elevator                                                        not jeopardize the student's future financial aid opportunities.  Wealth Management®, we're here to guide you through these
        to arrive.
                                                                                                                                             Before these changes, distributions from grandparent-owned   changes and ensure your financial strategies are optimized for your
           When the elevator came, the neighbor held the door longer saying the
                                                                                                                                          529 Plans were treated as untaxed student income on the FAFSA,   family's unique needs. If you are considering a 529 Plan or looking
        work shouldn’t go to Naples. Juliana quickly gave her a business card and
                                                                                                                                          thereby reducing aid eligibility. With the new FAFSA, students'   to make the most of the new Roth IRA rollover opportunities, now
        told her that the work could always come back up to New York, should
                                                                                                                                          income and tax details will be directly sourced from federal tax   is the time to act. Call us today at (239) 920-4440 to schedule a
        she want it.
                                                                                                                                          returns, eliminating manual reporting of cash support from   consultation to review your 529 Plan.
           While loading the work into the van, Juliana’s cell phone rang. It was
                                                                                                                                          grandparents. This change ensures more accurate reporting and   Let us help you remain on track towards your financial goals.
        the neighbor. She couldn’t let the work go to Naples where it would be
                                                                                                                                          better financial aid prospects.
        sold to someone else. She asked that it be brought back up to show her
                                                                                                                                             That said, grandparents must remain cognizant of the CSS
        husband. Juliana and Jessica did just that. The neighbor’s husband was
                                                                                                                                          Profile—an alternate financial aid form employed by around   Moran Wealth Management®, LLC is a Registered Investment Adviser. For additional
        equally impressed with both Jessica and the work. As it turned out it was                                                                                                                    information about Moran Wealth Management®, LLC, including its services and fees, request
        also the neighbor’s birthday and 9/11. She said her birthday has always                                                           200 private colleges. It's yet to be seen how the FAFSA updates   the firm’s disclosure brochure using the contact information above or visit adviserinfo.sec.gov.
        been a sad day since 2001. She said purchasing this work will create a new                                                        will influence the CSS Profile and associated aid at different   Moran Wealth Management® is a separate entity and not affiliated with any other entity or
        happy memory for her birthday on 9/11.                                                                                            institutions. Staying informed is paramount.               practice that uses the same name.
           This was a sale that happened while waiting on an elevator, but one that
        was so deeply meaningful, it will stay in our minds and hearts indefinitely.                                                                                                                                 www.Thomas.Moran@MoranWM.com
                                                                                                                                                             Tom Moran                     Phone:  239.920.4440              www.MoranWM.com
           Sincerely,
           The Artsperts                                                   A quick selfie of Juliana and Jessica with the work of Central    AIF® Chairman, CEO, CIO Moran Wealth Management®  Fax:   239.431.5239       5801 Pelican Bay Blvd, Suite 110,
                                                                           Park which was sold moments later to Jessica’s neighbor.                                                                                            Naples, FL 34108
                                                                                                                                                         Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN). Moran Wealth Management is a separate entity from WFAFN. 1221-04126
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