The Compelling Features of 529 College Savings Plans:
Tax advantages. Earnings grow tax-free and withdrawals from a 529 College Savings Plan for qualified higher education expenses are free from federal tax. Tuition, room and board, required books and supplies are all qualified higher education expenses.
A 529 College Savings Plan can be used for any accredited college, not just schools in the state that sponsors your plan. Includes undergraduate, graduate, post-graduate and technical training.
Anyone can contribute to your child’s 529 Plan – parents, grandparents, uncles and aunts, other family members and friends.
Up to $14,000 per person a year in 529 Plan contributions allowed ($28,000 for married couples) without gift-tax consequences. Or, under a special election, up to $70,000 ($140,000 for married couples) can be contributed at one time by accelerating five years’ worth of contributions. Any additional contributions made during the next four years will reduce the taxpayer’s lifetime gift-tax exemption of $1 million.
No income limits. You can contribute to 529 College Saving Plans no matter how much you earn.
Ability to save for anyone, your child or grandchild, a niece or nephew, a friend or yourself. You can even change beneficiaries within the same family.
Control of assets. You decide when to make withdrawals. You can move your assets once a year or when you change beneficiaries.
Our Responsibilities as a Fiduciary
We at Marin Wealth Advisors believe in placing our client’s best interests first. Therefore, we commit to the following five fiduciary principles:
- We will always put our client’s best interests first.
- We will act with prudence; with the skill, care, diligence, and good judgment of a professional.
- We will not mislead you. We provide conspicuous, full and fair disclosure of all important facts.
- We will avoid conflicts of interest.
- We will fully disclose and fairly manage, in your favor, any unavoidable conflicts.
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