How the Wealthy Plan for Their Children's Education

The 529 College Savings Plan

Family and legacy are everything. Tuition is increasing at an alarming rate. Take advantage of financial tools to set your children up for success.

A 529 college savings plan is a tax-advantaged investment vehicle designed to help families save for future education expenses. It allows account holders, typically parents or guardians, to contribute after-tax dollars into an investment account for a designated beneficiary, often a child or grandchild. The funds in the account grow tax-free, and withdrawals are also tax-free when used for qualified education expenses, which include tuition, fees, books, supplies, and room and board. The plan offers flexibility in investment options, allowing the account holder to choose based on their risk tolerance and goals. Additionally, some states offer tax benefits for contributions, further enhancing the savings potential of the 529 plan.

Here’s a link to a step-by-step guide on how to setup a 529 plan: