Before investing in a 529 plan, investors should carefully consider whether their home state offers any state tax or other benefits that are only available for investments in their state's 529 college plan.
529 Plan
Investing for a higher education requires careful planning and a high level of commitment. In fact, next to retirement planning, it could be the single largest expense that a family will bear. For most families, the key to funding higher education is to start investing early and to invest regularly.
A state-sponsored "529 plan" is a powerful way to save for your child's college and you are not restricted to a specific state plan.
A 529 Plan is a higher education savings program which provides tax-deferred benefits. It meets the requirements of a qualified state tuition program under Section 529 of the Internal Revenue Code, thus the name.
It gives you the power of tax-free earnings growth. The power of no federal taxes on withdrawals for qualified educational expenses made after 12/31/01. The power of a high limit on how much you set aside for your child. The power of no income limits to restrict eligibility.
A small initial investment can get your child started, and a regular investment program will keep him going all the way to the university. Opening a 529 Plan may also reduce your taxable estate immediately.*
Let us help you develop a sensible and realistic plan for your child's future education. It's never too early and it's never too late.
* Consult your legal counsel. Neither PrimeVest, nor any of its representatives may give legal or tax advice.
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for more information or if you have any questions about 529 plans and other educational vehicles.
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