529 Plan

College savings plan named after the provision of the Internal Revenue Code that creates it. These plans, in the appropriate circumstances (which is not everyone) and with an appropriate investment choice (not all our) can provide tremendous income, gift and estate tax benefits all while facilitating college savings. Be certain to make a decision to use a 529 Plan in the context of an overall family estate, tax and investment plan, not just based on the one factor of saving for a particular person’s(child’s) college costs. Also exercise some care in selecting a plan. Consider state income tax benefits on funding, if any, investment and administrative costs, investment options, etc.