Do you know someone saving for a child’s college?  Did you know they could invest in a TAX DEFERRED account, and you could even help by adding to their account or open an account for them!

Some also have a feature which enables you to contribute to the account for birthdays, holidays, or graduation through their high school years.

And there are various additional benefits like professionally managed age-based portfolios in conservative, medium or growth allocations and scholarship aid of up to $3,000 based on total contribution and time in the portfolio.

NEW benefits– you can take up to $10,000 to pay for private school (K-12); you can take up to $10,000 (one time) to re-pay student loans.

If you’re concerned the student might ‘take the money & run’- fear not as the account is owned by the adult opening it (and their successor owner) not the student who is simply the beneficiary.

And if the student doesn’t need or use the money- what then?  Two options: Take it out on the student’s social security number for a wedding or home purchase and let them pay the tax on the deferrals, or let it continue to grow for another family member like THEIR child.

For information about a 529 Plan or how to contribute to a new or  existing please contact me at:  973-515-5184 or FranklyFinancial@NationwidePlanning.com