College Savings Plan – 529
If you are ready to begin saving toward the significant expenses of higher education for your children, it is time to consider college savings plans. The intent of this information is to focus on the intricacies of education savings plans rather than prepaid tuition plans, both of which are listed under the Section 529 Plan of the Internal Revenue Code. This particular plan sets aside money whenever possible throughout your income-generating years with ample tax advantages so that you have the proper funds available for your children when they are ready to leave for college or university.
If you wish to begin a Section 529 Education College Savings Plan, it might be best to seek out professional advice from a financial planner or tax counselor before you make any decisions so that your financials are protected and to allow yourself to maximize the benefits of such accounts for your children and their future. And remember that the earlier you begin to make contributions the less stressful your life and the lives of your children will be when they apply to schools.
We all have goals when it comes to our finances. David Gulacsy created Sandhill Wealth Management to help you with plans to help you achieve your dreams.