What GRANDPARENTS Don’t Know About 529 College Savings Plans
IIn this video, we’re diving into everything grandparents need to know about 529 plans—a powerful tool for supporting your grandchildren’s educational future. 529 plans are tax-advantaged savings accounts designed for education expenses, and they offer unique benefits that can make a big difference over time. But there are important rules, benefits, and strategies to be aware of if you’re a grandparent looking to contribute to your grandchild’s college fund.
By setting up or contributing to a 529 plan, you can help reduce the financial burden on your children’s family while potentially lowering the value of your estate. We’ll discuss how 529 plans work and explain the key features that make them beneficial for grandparents looking to invest in their grandchild’s future. I’ll break down tax advantages, contribution limits, and the impact on financial aid eligibility, so you can make the most out of each dollar saved. You’ll also learn about the flexibility of 529 plans, including options if funds go unused or if you want to change the plan beneficiary. With these insights, you’ll have the tools to make informed decisions and support your family in a meaningful way.
