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Tax Efficient College Savings Plan

May 21, 2012 by John Potter

Many individuals have the desire to pave the way for their younger family members educationally. Setting aside resources for college can be done in various ways, and the best choice will vary on a case-by-case basis.

The intelligent way to proceed is to sit down and discuss your unique situation with a northern Kentucky estate planning attorney who is apprised of all of the options that are available to you. When you do you will probably hear about 529 plans.

These are savings plans that have some tax savings mechanisms built-in. You contribute to a 529 savings account over a period of time, and along the way the assets are invested (generally in mutual funds) in an effort to gain appreciation. Once the beneficiary is ready for school, he or she can access the resources that have accumulated in the 529 college savings account.

The withdrawals will not be taxed as income by the Internal Revenue Service and this is part of the appeal. In addition, any appreciation that accumulates is not subject to estate tax provided the beneficiary does eventually utilize the resources to pay for higher education.

There is no better feeling than knowing with certainty that your younger family members will be able to achieve their full potential as human beings. To gain an in-depth understanding of your choices with regard to facilitating educational pathways simply take a moment to set up an appointment with an estate planning lawyer in the Covington, KY area.

 

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John Potter

Latest posts by John Potter (see all)

  • What Happens If I Leave Assets Out of My Living Trust? - February 15, 2019
  • What are the Advantages of an Irrevocable Trust? - February 14, 2019
  • Charlotte Medicaid Attorneys Explain How to Protect Healthy Spouses - February 11, 2019

Filed Under: Estate Planning, Long-Term Planning, Saving for College Tagged With: College Planning, Estate Planning, Long-Term Planning

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Testimonials

My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.
Jillian
Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.
DKS & KMS
John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.
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1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
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15720 Brixham Hill Avenue
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Florence, KY 41042
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