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Manulife College Savings introduces new state tax benefit calculator Boston -- Manulife Financial today launched a new calculator that enables financial consultants to help clients estimate the value of their state’s tax deduction for contributing to their state’s 529 plan as compared to the benefits of a national plan. The first of its kind, the calculator is a valuable tool for assisting clients in their college savings investment decisions. The State Tax Benefit Calculator is available for registered users online at Manulife’s College Savings Resource Center at www.manulifecollegesavings.com. Manulife’s site also offers important sales tools and an UGMA/UTMA calculator tailored to the needs of financial consultants. “Manulife’s new state tax calculator offers financial consultants a critical sales tool to help their clients make the right 529 decision,” said Matthew Schiffman, President, Alternative Wealth Management. “By simply selecting the state of residence, entering a client’s total taxable income and their planned annual contribution to college savings, the financial consultant can easily help clients determine how much their in-state tax deduction is worth to them,” he added. “A state income tax deduction for contributions to the home state's 529 plan can be one of many significant factors in deciding whether to use that program,” said Joseph Hurley, CPA, author of How Best to Save for College and host of www.savingforcollege.com. “Our review of the Manulife College Savings state tax calculator showed it to be a highly functional tool that will be useful to financial consultants in helping their clients make that decision, “ he said. Savingforcollege.com will also provide regular updates to Manulife College Savings regarding state tax policy to keep the online calculator up to date. In 2001, Manulife entered the college savings market with Manulife College Savings, a multi-managed Section 529 education savings plan distributed by Manulife Financial Securities LLC. managed by T. Rowe Price and sponsored by the University of Alaska as trustee for the Alaska Trust. Manulife College Savings expands upon the inherent advantages of a typical 529 plan by offering investment choices from some of the nation’s leading asset managers. In addition, participants can invest up to $250,000 for a student’s college education, which is the one of the highest available limits. In-state tax benefits are important, but are just one aspect of determining the most suitable 529 plan including other factors such as fund performance and the reputation of investment managers1. Manulife College Savings is part of the process of “managing the managers” to identify the best performers in each fund category. Mutual fund managers available with Manulife College Savings are A I M Advisors, Inc., Davis Selected Advisors, L.P., Franklin Templeton, MFS Investment Management, Pacific Investment Management Company (PIMCO), Oppenheimer Funds and T. Rowe Price Associates, Inc. Driven by a disciplined selection and review process, the Manulife plan strives to consistently provide clients with access to elite offerings in a broad array of asset classes and investment styles. About Manulife Financial Manulife Financial is committed to offering the highest quality annuity, life insurance, pension and tax-deferred college savings products to its U.S. clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its broad product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife Financial is dedicated to providing premium products designed to help create and preserve wealth for its clients. Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were US$89.3 billion (Cdn$142.2 billion) as at December 31, 2001. Manulife Financial Corporation trades as ‘MFC’ on the TSE, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. 1 Past performance is not a guarantee of future results. -30- Media Contact: Catharine Bufalino U.S. Communications (617) 854-4348 catharine_bufalino@manulife.com |
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