College Planning

"Education is not the learning of facts, but the training of the mind to think!”

– Albert Einstein

Planning for a child’s educational expenses is a monumental gift that keeps on giving. Opening a 529 College Savings Plan opens a world of opportunities that can prep a younger generation for a successful future.

Top perks of a 529 College Savings Plan:

flexibility in contributions; no set amount per month
tax-deferred growth and tax -free withdrawals for qualified college expenses
Minimums as low as $250
- Estate planning strategies for gifting up to 5 years’ worth of contributions at one time are allowable. Ask us to create a contribution strategy for you!
Everyone is eligible to open a 529; no income limits like for Roth IRAs
You stay in control of the account, not the beneficiary
Beneficiary has until age 30 to use the funds
Funds can be transferred to another relative
Potential market growth for the contributions which can expand the scope of educational possibilities for the beneficiary.
529s are typically used for college expenses but can also be used for private primary and secondary school tuition.
Can be used to pay off up to $10,000 in student loans
In 2024, up to $35,000 of 529 funds can be rolled over into a Roth IRA for the beneficiary, essentially converting college savings into retirement savings without a tax penalty

We can Establish the 529 College Savings plan for you and help you when it’s time for distributions

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Investors should carefully consider investment objectives, risks, charges, and expenses. This and other important information is contained in the fund prospectuses, summary prospectuses and 529 Product Program Description, which can be obtained from a financial professional and should be read carefully before investing. Depending on your state of residence, there may be an in-state plan that offers tax and other benefits which may include financial aid, scholarship funds, and protection from creditors.. Before investing in any state's 529 plan, investors should consult a tax professional. If withdrawals from 529 plans are used for purposes other than qualified education, the earnings will be subject to a 10% federal tax penalty in addition to federal and, if applicable, state income tax.