Investing in your children’s future should be a top priority. Saving funds for their future education costs is one great way to do this to ensure their educational needs are met. By doing so, you will have a healthy nest egg just for your children’s education, and you and/or they aren’t scrambling to pay for school when the time comes.
So how do you this? Open (and contribute funds to) a 529 plan for each of your children!
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. These plans are legally known as “qualified tuition plans” and are authorized by Section 529 of the Internal Revenue Code.
While authorized in the Internal Revenue Code, 529 plans are sponsored by states, state agencies, or educational institutions. With that in mind, each state/each 529 plan will have different rules. Your contributions to a 529 plan may even offer you special tax benefits!
PPG Partners, LLC is knowledgeable about the different 529 plans available, and can help you navigate the plan-specific rules and tax implications. Please contact us if you would like help opening or navigating a 529 plan(s).