Why would you want to save money for your child or grandchild for their future college expenses? Using a 529 College Savings Account your investment dollars grow tax free as you contribute to the account. There are contribution limits for each account and each contributor. The current limit is $15,000.00. Yes, that is a limit, but you can start an account with as little as $50.00 and $50.00 a month systematic investment. The benefit for the contributor is the investment is owned by you not the child but, it is outside your estate
When you make withdrawals from the account for approved college expenses there are no taxes on the withdrawal. This is a great way to save for college.
By the way May 29 it 529 College Savings DAY, you may see some information in the media and social media that day. We wanted to give you a head start in thinking about adding a 529 account to your portfolio.
Please call our office to discuss how a 529 College Savings Account can benefit your financial goals.
George and Terry