…education. 529 accounts offer a variety of investment options. You can use a 529 plan to pay for college, K-12 tuition, apprenticeship programs, and even student loan repayments. If using…
Search Results for: 529
Grandparents and Others can Contribute More to 529 Plans without Affecting College Financial Aid
…require the CSS profile. What Makes 529 Plans a Good Idea for Grandparents As you can see, grandparents investing in a 529 plan to help send their grandchildren to college…
Why Set Up a Trust for Your Children or Grandchildren?
…article about the new legislation regarding 529 accounts here. When a grandparent establishes a 529 account for the benefit of a grandchild, the assets in that 529 account, and any…
Planning Ahead for Grandchildren
…higher education expenses. If you start a 529 now and let it build for 18 years, the tax savings should be significant. One major drawback to setting up a 529…
Virginia 529 Prepaid Education Plan Limited Time Open Enrollment: Plan Ahead for Your Child or Grandchild
…to secure a college education for your child or grandchild. Besides locking in current tuition rates, 529 college savings plans have several estate planning benefits, as follows: If you have…
How is the Virginia ABLE Act Affected by the Tax Overhaul?
…each year from a 529 account to an ABLE account. To do so, the 529 account must be for the same beneficiary as the ABLE account or for a member…
With the New Tax Law and Life Changes, it’s Time to Review Your Estate Plan
…to your new spouse — again, probably not what you want. 529 and ABLE Plans: The new law permanently expands the benefits of 529 college savings plans. These plans, which…
Imagine Paying College Tuition for the Rest of Your Life . . .
…can contribute an additional $12,060 of HIS or HER OWN MONEY into his or her ABLE account. 2. 529 Fund Rollovers: This provision allows funds in a 529 College Savings…
Giving Gifts to Grandchildren Without Wrecking Your Own Financial Future or Creating a Sense of Entitlement
…your intended gifts a bit to make gift giving possible. Help save/pay for college: Grandparents looking to contribute funds to cover their grandchild’s college costs often turn to 529 plans,…
Setting up an ABLE Account and New Legislation
…any level of funds accrued in the accounts. Similar to 529 college savings accounts, ABLE accounts are offered through state-sponsored programs. Initially, the law required savers to open an account…
How Do You Plan for the Financial Future of a Loved One with a Disability
…to save money while protecting eligibility for government benefits. Similar to 529 plans, ABLE accounts are managed by the states. An ABLE account lets families save up to $18,000 a…
Estates Attorney in Fairfax, Virginia Offers Tips for Paying Your Grandchild’s College Tuition
…to $13,000 per year tax-free. Additionally, grandparents may set up custodial accounts or fund a 529 college savings plan for their grandchildren. Because of the larger tax exemption, many professionals…
Capital Gains Tax Increases and Gifting to Lessen the Bite
…in the form of a 529 college savings plan. You can give an unlimited amount for tuition if you make the gifts directly to the college or educational organization. The…
Tax Overhaul: The Good, the Bad, and the Ugly for Seniors
…they’re selling their primary home and have lived there for two of the past five years. 529 savings accounts can be used in new ways. In the past, funds invested…
A New Act to Help Special Needs Families
…would work is somewhat analogous to a 529 account for college students. ABLE accounts can only be used for expenses connected with a disabling condition. Below are some preliminary guidelines:…
ABLEnow is Open for Enrollment in Virginia
…plan. Beneficiaries can have only one ABLE account. This is a key difference from college 529 plans. Therefore, friends and relatives will need to pool their contributions into one account…
SECURE 2.0: The Biggest Changes for Retirement Savings in 15 Years!
…the emergency withdrawal. – Broadening uses for unused college savings money: A provision would allow for tax- and penalty-free rollovers to Roth IRAs from 529 college savings accounts, under certain…
Sandwich Generation: How to Survive Financially
…care of you one day. Instead, work with a financial planner (see our list of trusted referrals) to build up your net worth. Fund a college savings plan: A 529…
Problems with Beneficiary Designations Part 3 — Usually They Take Precedence Over Your Estate Planning Documents, But Sometimes They Don’t
…401(k) plans, 403(b) and deferred-compensation employer plans, life insurance policies, 529 education accounts and any bank or other financial accounts that have a Transfer on Death or Pay on Death…
Virginia Becomes First State to Approve ABLE Act
…vehicle Under federal law, the ABLE Act allows people with disabilities to open special accounts, similar to 529 savings accounts, where they can save up to $100,000 without risking eligibility…