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.
* Non-qualified withdrawals may result in federal income tax and a 10% federal tax penalty on earnings. Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
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