529 Plan Details
September 11th, 2007
Question: Explain to me, in detail, what a 529 Plan is, as if I am a fifth grader?
Answer: It is a special account that allows you to save money for education without paying taxes on the money you make in the account.
The account has several other advantages, including special (additional) tax benefits and an “automatic” way of creating an account for the benefit of a child that is under the control of one or more adults regardless of how old the child is.
“Automatic” because many traditional trusts require lawyers & money.
Control because many traditional trust require the money to be given over to the control of the child at a particular age (18 or 21, usually, but not always). A 529 Plan can remain in the control of a parent, grandparent, uncle or other adult forever.
Life Settlements – Skloff Financial Group
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