Planning early with a college savings plan is a very smart choice. Your children will be ready to step out into the world before you know it and with the rising price of higher education each year, the sooner you start planning, the better chance you’ll have of alleviating your child’s educational expense burden.
One of the most popular choices is a qualified tuition program known as the 529 plan. Most states, state agencies or educational institutions sponsor a tax-advantaged college savings plan. A 529 plan has some of the highest contribution limits available for tax-advantaged accounts.
There are two types of plans under the 529 umbrella: The 529 College Savings Plan that has deduction limits as well as gift tax limits and The 529 College Savings Plan by State that do not limit how much you can invest. Regardless of your choice, we can explain your state’s plan and help you choose the one that’s a perfect fit for you!