Taxes

• Tax Planning
• Estate Taxes
• Roth IRA
  A 529 plan is an investment account that offers tax-free withdrawals and other benefits when used to pay for qualified education expenses. You can use a 529 plan to pay for college, K-12 tuition, apprenticeship programs, and even student loan repayments. Any leftover funds can be used in different ways, including funding a Roth IRA.
• Tax Deductions
  Over 30 states offer a tax credit or deduction for contributions to a 529 savings plan. In most cases, the contributor must use their home state’s plan to qualify. Still, families who live in Arizona, Arkansas, Kansas, Maine, Minnesota, Missouri, Montana, Ohio, and Pennsylvania can claim a tax deduction for contributions to any state’s 529 plan. Maximum deductions and credits vary by state.
• Income Tax
  Distributions will be tax-free. The earnings portion of any non-qualified distributions must be reported on the account owner’s or the beneficiary’s federal income tax return. Plus, those withdrawals are subject to income tax and a 10% penalty. Of course, you might consider exploring exceptions to the penalty to avoid the extra costs.
• Capital Gains Taxes
  Capital gains tax: Depending on your state, you can avoid capital gains taxes at a federal and possibly state level.

Investment

• Investment Management
  The IAdvisor 529 Plan is managed by Voya Investment Management Co. LLC. Voya succeeded Upromise Investments as program manager in March 2013. The revised program features an age-based option, four static allocation options, and 12 single fund options...
• Mutual Funds
  You can contribute to both a 529 plan and an ESA for the same beneficiary if you wish. This was not permitted prior to 2002. The next step is to decide where to establish the ESA. Any bank, mutual fund company, or other financial institution that can serve as custodian of traditional IRAs is capable of serving as custodian of an ESA. Your cash contribution can be invested in any qualifying investments available through the sponsoring institution—stocks, bonds, mutual funds, certificates of deposit, etc (but not life insurance).
• Bonds
• Wealth Management
• Money Market Funds
  With age-based and enrollment-date portfolios, the asset allocation within the portfolio automatically adjusts over time based on the child’s age or the time remaining until their expected college enrollment. During the initial years, the portfolio tends to adopt a more aggressive stance, with a higher emphasis on stocks, which offer the potential for greater returns but also carry heightened risk. As the child approaches college age, these portfolios gradually transition away from riskier investments, such as equities (stocks), favoring more conservative options like bonds or money market funds. This strategic shift towards less risky holdings protects against volatility and market downturns when college expenses become imminent.

Planning

• Financial Planning
  Securities and Advisory Services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Financial planning offered through TrueWealth Stewardship LLC, a Registered Investment Advisor and a separate entity from LPL Financial
• Retirement Planning
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• Annuities
  Fortunately, American families with a desire to save for future college expenses now have more options than ever before. Traditional investment options–savings accounts, taxable investment accounts, annuities, and U.S. Savings Bonds–are now joined by more recent investment vehicles including Section 529 college savings programs and Coverdell education savings accounts.
• Asset Management
  Each plan’s investment options pages help you make the best choice by highlighting details of their underlying investments in a visually friendly and easy to read format, including expense ratio, historical returns and asset allocation.
• Living Trusts
  These trusts are reported on the FAFSA: Blind Trusts, Charitable Trusts, Crummey Trusts, Insurance Trusts, Living Trusts, Medicaid Trusts, Section 2503(c) Minor’s Trusts, Special Needs Trusts and Spendthrift Trusts.
• College Funding
  Once you’ve exhausted your savings and federal student loans, private student loans can be an effective way to close a college funding gap. However, private student loans may offer different interest rates, eligibility criteria and repayment terms, depending on the lender. To research your options, select a private student loan from the lender table below to read our full review.