The 529 Play Book
Since 1999, we have provided college savings advice and planning to literally thousands of investors and families. Our network of independent FEE-ONLY advisers can help you manage your 529 or other college saving investment plans, determine the best college savings investment selections within your 529 plan, assess your 529 investment performance, and much more.
Our FEE-ONLY network also provides complete financial planning services, portfolio management, tax and legal services.
→ WHEN IS THE BEST TIME TO SET UP A 529 PLAN?
Although there is no one-size fits all answer, generally, the earlier you start saving for college, the more time you have to build up your savings.
→ HOW MUCH SHOULD I CONTRIBUTE TO A 528 PLAN?
The amount you should contribute to a 529 plan will depend on your individual circumstance and goals. Some states have annual limits. Under current law, the IRS allows up to $17,000 per beneficiary for 2023. You can also frontload five-years' worth of contributions. Gift tax limits are subject to change so you should consult with an adviser.
→ WHAT HAPPENS TO 529 PLAN DURING A DIVORCE?
In most cases, a 529 plan is considered an asset of the account owner, and any funds in the account are subject to division. If the 529 plan is owned by 1 spouse but was intended for the benefit of a child from a prior relationship, the account may be treated as a non-marital asset. This will depend on the specific terms of the plan and state law. An experienced attorney can help you determine the exact answer.
College Saving Advisers
College Planning & Savings
Although most individuals can benefit with plans sponsored by the state they live in, we can review which plan provides the best options for your personal situation.
If you need help reviewing and selecting investments, we will review your 529 plan and help you. The right investment can make a huge difference.
529 plans are usually best structured in the name of parents and grandparents. We will help you review the best structure to provide the most flexibility and tax savings.
Maximize Tax Benefits
Our network of CPAs can help you maximize tax benefits such as the American Opportunity Tax Credit and the Lifetime Learning Credit. It is best to plan several years in advance of when your child is going to college.
Financial Aid Plans
We can help you understand the financial aid process and develop a strategy for maximizing your eligibility for grants, scholarships, and loans. There are pros and cons with each strategy.
There are several options for savings in college, including 529 plans, Coverdell Education Savings Accounts and UGMA/UTMA accounts. Our team of experts can help you choose the best for you.
Do You Want to Setup a 529 Plan or Have A Question About College Savings Plans?