Whether college or a variety of other options, education can be a significant success factor for someone entering the workforce or seeking to advance their career. But it can also bring substantial expenditures. If you need to save money for your child’s or grandchild’s education, you should know about 529 education savings plans. Vestra Financial Partners can help you learn about this great tax advantaged savings plan.
529 plans are designed to make saving for education easier. Under these plans, earnings on the money you save grow tax-free on a national level and in most states, as long as the money is used for qualified tuition and other expenses. It’s a great way to save that can help jump-start your child’s education. Here are some things you should know: 529 savings and earnings can be used for tuition at: · Four-year colleges and universities · Community colleges · Career and technical schools · Registered apprenticeships · Qualified institutions abroad 529s can also be used to pay for such expenses as: · Room and board · Fees · Books · Computers 529 plans can be front loaded with 5 years of gifting, which can help your family achieve your estate planning goals. If the child does incur debt, 529 funds may be used to pay up to $10,000 in qualified student loans per beneficiary. Anyone can contribute to a 529 savings plan account – friends, family members, etc.! A Vestra Financial Partners professional can help you learn more about 529 education savings plans and get you started. It’s the smart thing to do! About Vestra Financial Partners: Vestra Financial Partners is a cohesive, seamlessly integrated team of professionals with an innate commitment to serving at the highest level. Clients benefit from their vast collective experience, knowledge and insights, and multigenerational makeup and perspectives. At Vestra Financial Partners, it’s about more than investing; it’s about connecting your life and your finances. Our greatest goal is to guide you in funding the life you desire – for you, your family, and generations to come. [email protected] | 610.861.8419 | 267.685.4208 | 727.214.2492 www.vestrafinancial.com | Bethlehem, PA | Yardley, PA | St. Petersburg, FL Janney Montgomery Scott LLC | Member: NYSE, FINRA, SIPC For more information about Janney, please see Janney's Relationship Summary (Form CRS) at www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest. The concepts illustrated here have legal, accounting and tax implications. Neither Janney Montgomery Scott LLC nor its Financial Advisors give tax, legal, or accounting advice. Please consult with the appropriate professional for advice concerning your individual circumstances.
3 Comments
8/16/2024 09:42:57 am
It's great to see informative articles like this that highlight the importance of saving for education, especially with plans like the 529. For those moments when you need a little extra academic support, you can always consider other resources, such as when you need to buy essays at https://order-essays.com/. It's all about making smart choices for your educational journey!
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10/2/2024 10:15:36 pm
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