529 Prepaid Tuition Plan

529 Prepaid Tuition Plan

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: 529 Prepaid Tuition Plan

529 Prepaid Tuition Plan definition:  A 529 Prepaid Tuition Plan is a tax-advantaged method of purchasing education credits for grandchildren (or other heirs) at state schools. Tuition is paid for at current prices for future use. Contributions to prepaid tuition plans for grandchildren (or other heirs) that are under the annual gift tax exclusion amount are effectively removed from the taxable estate.  The plan can be set up in any state and is not limited to the beneficiary’s state of residence.  If the beneficiary chooses to go to private school, another state school, or decline pursuing higher education, the account can be transferred to another family member, applied to the school of choice, or contributions withdrawn.

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