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529 Plans - Not Just for College Anymore

529 plans are a type of tax-advantaged investment account that are widely considered the best way to save for college. These plans offer compelling federal and state tax benefits and potential for tax-free growth over time, provided the money is used for qualified education expenses.

In a recent cover story by InvestmentNews titled “529 Savings Plans Are Not Just for College Anymore”, Gap Financial was asked to participate in the article by discussing benefits other than education savings.  Some of those advantages include:

  • 529 Plans can be used as an estate planning tool
  • 529 contributions allow for coordinated gifting strategies
  • Qualified or tax-free withdrawals can now be used to pay for K-12 expenses

Even though 529 plans are evolving into estate planning tools and expanding to cover K-12 costs, their original purpose as a savings plan for college will continue to be their primary benefit. If you would like to discuss if a 529 Plan is right for you and your family, please contact us to schedule a time to talk. We would also encourage you to read the InvestmentNews story here: bit.ly/2ZM0PEz

Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. We encourage you to consult an independent financial planner, accountant, and/or legal counsel for advice for your specific situation.