529 College Savings Plan

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: 529 College Savings Plan

529 College Savings Plan definition: A 529 college savings plan is a tax-advantaged savings vehicle for education expenses. Contributions to 529 plans for grandchildren (or other heirs) that are under the annual gift tax exclusion amount are effectively removed from the taxable estate. 529 plan investments grow tax-free, and withdrawals are also tax-free if used for qualifed educational expenses. The plan can be set up in any state and is not limited to the beneficiary’s state of residence or school location.

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