College Savings & 529 Education Plans

 

There are several good ways to save for your child’s education.  Among them include Unified Gift to Minor Act accounts (UGMA), Coverdell Education savings accounts, traditional growth mutual funds, and bank savings accounts. Many have found that Education 529 Plans provide the most benefits in saving for higher educational expenses. Education 529 Plans are great college savings vehicles for some of the following reasons:

1.       Account owner, (not the beneficiary), retains control over how the money is used.

2.       Assets can be placed in various investment strategies.

3.       Contributions to an account can be made by anyone.

4.       Asset growth is non-taxable.

5.       Distributions from the account are not taxed as long as assets are used for educational related expenses.

6.       No age restrictions on the beneficiary of the plan

7.       Gifting into account can help with Estate tax planning

8.       A donor can make an annual contribution up to the current Tax-Free Gift Limit, which for 2014 is $14,000, (or a 5-year accelerated election of $70,000), without the owner of the account incurring a gift tax.

 

Contact our Financial Services Team at 941-745-8300 to obtain more information about College Savings and 529 Education Plans and how they can help achieve your goals for your loved ones’ post-secondary education.

 

 

Before investing in any 529 Plan, investors should carefully consider the investment objectives, risks, charges and expenses associated with municipal fun securities. The Program Disclosure Statement and Participation Agreement contain this and other information about the Plan, and may be obtained by contacting your investment professional. Investors should read these documents carefully before investing.







           
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Nicholas Zec, Jr., James E. Boyd, David Grantham, and Kristy Terenzio are Registered Representatives of LaSalle St. Securities LLC, a registered broker/dealer. Securities are offered through LaSalle St. Securities LLC, Member  FINRA/SIPC, 940 N. Industrial Drive, Elmhurst, IL 60126-1131. Boyd Insurance & Investment Services is not affiliated with LaSalle St. Securities LLC. Investing involves risks, including the risk of principal loss.