Setting Up A 529 Plan In Belmont

 

Let Harbor Asset Planning help you set up a 529 plan. This tax-advantaged account is used to save for future college expenses. 529 plans are sponsored by each state and also by financial institutions, and provide a variety of investment options. The accounts grow free of taxes, and withdrawals used for qualified education expenses are also tax free.

 

529 College Savings Plan

Planning early for a child's future will provide you with the best opportunity to pay for the ever-rising costs of a college education.

 

A 529 savings plan can be the perfect vehicle for this type of expense.

 

Tax Benefits and Options

 

  • Earnings are tax-free for qualified distributions
  • Use your funds at any college in the country
  • Pay for tuition, room and board, books
  • Affordable minimum contributions
  • Low maintenance costs
  • Transfer unused funds to another related child
  • Flexible investment options

 

Contributions From Grandparents

 

Grandparents can help contribute to their grandchildren's education, and many have the resources to help. Opening an account in a 529 Plan or contributing to an existing account is a great way to assist with college costs.

  • Control withdrawals unlike UGMA or UTMA accounts
  • Change beneficiaries to other family members
  • Annual federal gift tax exclusion $14,000 
  • Special gift tax exclusion up to $70,000

 

Call us to learn more! 617-489-0324
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