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529 Plans

A 529 plan can benefit your estate plan

As summer vacations wind down and thoughts turn back to school activities, people might find themselves reviewing their finances and considering the options for funding their children’s (or grandchildren’s) college...more

Insight on Estate Planning - August/September 2017

In This Issue: - An uncertain tax climate: An estate tax repeal might result in negative tax consequences for some families - A 529 plan can benefit your estate plan - Would a spendthrift trust help achieve your...more

Despite Clash Over Tax Cuts, Governor Dayton Signs Bill Enacting Important Income Tax Changes for Minnesota Residents and...

by Dorsey & Whitney LLP on

On May 30, 2017, Governor Dayton signed into law Minnesota’s omnibus tax bill (HF 1), which contains significant income tax changes of interest to both residents and nonresidents of Minnesota. Initially, Governor Dayton...more

Accidental Disinheritance: Update Wills, Estate Plans Annually

by Lewitt Hackman on

So you have an estate plan? Good for you. You funded it? Even better. But have you updated it and your will in the last year? If you haven’t, your loved ones or favorite charities may be in for an unpleasant surprise. Your...more

Broker-Dealers Can Hold Customers’ Initial Checks

by Carlton Fields on

A recent SEC no-action letter gives broker-dealers more time to perform suitability and other reviews when opening certain customer accounts. The firms requesting the letter were affiliated with three different insurance...more

Broker-Dealers Can Hold Customers’ Initial Checks

by Carlton Fields on

A recent SEC no-action letter gives broker-dealers more time to perform suitability and other reviews when opening certain customer accounts. The firms requesting the letter were affiliated with three different insurance...more

Tax-Advantaged Savings Accounts for Individuals with Special Needs Finally Available in Rhode Island

by Partridge Snow & Hahn LLP on

In 2014, new federal legislation was enacted to help relieve the financial strain often faced by so many individuals with disabilities or special needs. The Achieving a Better Life Experience Act (“ABLE Act”) was signed into...more

SEC Probes Share Class Recommendations

by Carlton Fields on

In July, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) announced an initiative to identify instances where registered investment advisers may be improperly influenced by...more

Failure to Make Check-Off on Gift Tax Return Bars 5 Year Ratable Treatment for contribution to 529 Accounts

by Charles (Chuck) Rubin on

Contributions made to an education Section 529 plan are taxable gifts. However, such a gift will qualify for exclusion as an annual exclusion gift to the extent of the available exclusion for the donee in the year of the...more

Investment Management Update

by Ballard Spahr LLP on

The Securities and Exchange Commission Adopts Amendments to Form ADV and Investment Adviser Act Rules - The Securities and Exchange Commission (SEC) adopted amendments to Form ADV and Investment Advisers Act of 1940...more

SEC Examiners Focused on Fund Share Class Conflicts of Interest

by Morgan Lewis on

OCIE recently published a Risk Alert announcing that it will examine the potential conflict of interest created by registered investment advisers being financially incentivized to recommend certain share classes to clients....more

Caught in the Cross-Fire: Student Loan Lenders and Servicers’ Risks in the Bankruptcy Fight over College Tuition Clawbacks

Many parents hope to fund, in some part, their children’s college educations, and the federal government has created a system of incentives, including tax advantaged 529 plans, to support that expectation. Recent research...more

Higher Learning: A Potentially Expensive Lesson About 529 Plans

A “529 qualified tuition plan” is an education savings plan designed to encourage and help families set aside funds for future college costs. It’s named after Section 529 of the Internal Revenue Code, which created this type...more

Group Seeks Relief For U.S. Citizens With RESP and TFSA Accounts

by Hodgson Russ LLP on

In a letter dated March 4, 2016, the American Chamber of Commerce in Canada (“AmCham Canada”) requested that the United States Department of the Treasury (“Treasury”) provide various forms of tax relief to U.S. and Canadian...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term and...more

Update on ABLE Accounts in Maryland

by Pessin Katz Law, P.A. on

PK Law previously reported on the advent of ABLE (“Achieving a Better Life Experience”) accounts (the “Accounts”). By enacting a change to the Internal Revenue Code (“IRC”), new Sec. 529A, Congress permitted distributions...more

Prepaid College Tuition Programs Deemed Eligible for QIB and Accredited Investor Status

On January 12, 2016, the Securities and Exchange Commission’s Division of Corporation Finance (the “Division”) granted no-action relief to the College Savings Plan Network (“CSPN”), an affiliate of the National Association of...more

“Promptly Transmit” Redefined for Some Customer Checks

by Carlton Fields on

The SEC and FINRA recently extended relief originally granted to accommodate suitability reviews of deferred variable annuities, so that the relief is now also available for mutual funds, Section 529 plans, and other...more

The ABLE account: A good alternative to a special needs trust?

Late last year, Congress passed, and the President signed, the Achieving a Better Life Experience (ABLE) Act. The act authorizes a new, tax-advantaged savings account, modeled after the Section 529 college savings account,...more

The ABLE Act

by Cole Schotz on

Although the Achieving a Better Life Experience Act (or ABLE Act) was signed into law on December 19, 2014, many states have been waiting to offer ABLE accounts authorized by the Act until the IRS published regulations. The...more

Tax Law Blog: Did you miss the last holiday in May? Friday was 529 Day

by Davis Brown Law Firm on

Did you miss the last holiday in May? Friday, May 29th (5/29) was “529 Day,” referencing 529 college savings plans. If you are asking what a 529 Plan is, you are not alone. A recent Forbes article discussing the so-called...more

Tax Policy Update

by McGuireWoods LLP on

NUMBER OF THE WEEK: 1,462. The total number of comments received by the Senate Finance Committee’s five bipartisan tax reform working groups in response to the committee’s request for public input on overhauling the nation’s...more

Trust and Estate: Passage of The ABLE Act Could Provide Additional Planning Options For Disabled Individuals (2/15)

In late December 2014, President Obama signed into law the "Achieving a Better Life Experience Act of 2014" (known as the ABLE Act). The Act extends the 529 college savings account rules to allow for similar, tax-free "ABLE...more

The Seventh Circuit Interprets Wisconsin Exemption Law on College Savings Accounts and Retirement Annuities, but Did It Have...

by Foley & Lardner LLP on

As we explained in a post yesterday, the Seventh Circuit in In re Bronk (Cirilli v. Bronk), No. 13-1123 (7th Cir. Jan. 5, 2015), made some new law on Wisconsin’s college savings account (Edvest) and annuity exemptions for...more

The Seventh Circuit Interprets Wisconsin Exemption Law on College Savings Accounts and Retirement Annuities, but Did It Have...

by Foley & Lardner LLP on

In re Bronk (Cirilli v. Bronk), No. 13-1123 (7th Cir. Jan. 5, 2015), resolved a couple of “questions of first impression,” slip op. at 1, under Wisconsin’s exemption statute in a case where a bankruptcy trustee sought to...more

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