Principles in Practice: Have a Long-Term Plan
Will National 5-29 Day inspire you to save more effectively for college?
Each year on May 29th we celebrate 529 College Savings Day, which is designed to raise awareness about the importance of saving for college using a 529 Plan. Check out this link to see how your State is celebrating this unique “holiday”. Who knows, you might even get a little bit of a boost toward your college savings endeavors!
Many of our clients enjoy using these plans due to their tax benefits and retaining control of the education funding for multiple family members. In fact, I just spoke to a Human Resources Executive this week about funding her own MBA program, and then helping 4 nieces and nephews with their college costs or study-abroad opportunities using 529 Plans for all parties. The best part is, her state provides a tax deduction for up to $3,000 per year, per student and she retains control of the assets if any one of her relatives doesn’t end up needing the money. As a generous person in a high tax bracket who is also preparing for her own retirement, those are attractive features.
Have you determined how much money it takes to send a loved one through college? You might be “unpleasantly” surprised at the numbers. We can help parents, as well as other caring relatives, navigate how to get your students through school!
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