Saving for College - 529 Plans


As the air chills and kids head back to school, thoughts turn to college plans - and for the parents, college costs. Congress, attempting to help parents save for their children’s education, enacted tax code section 529 creating the 529 plan.

529 plans can be excellent estate planning components to provide for your child or grandchild while removing taxable estate assets. Every year, you can transfer up to $12,000 per person or $24,000 per couple for each recipient. [note - these are 2006 figures]

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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