Benefits of 529 Plan
529 Savings Plan
If you’re planning on sending your children to college, you might want to consider a 529 Plan. Or, if grandma and grandpa have indicated that they would like to start a college fund, you might want to suggest a 529 Plan. Operated by a state or educational institution, a 529 Plan is an education savings plan designed to help families set aside monies for future college expenses. The plan is named after Section 529 of the Internal Revenue Code which created savings plans in 1996.
529 Plans can be used to meet costs of eligible colleges nationwide. Thus, your choice of school is not affected by the state of your 529 Plan is from. If you and your family should happen to move from one state to another, it’s fine to have the plan kept in the first state.
The 529 Plan mostly known for its 529 tax benefits.
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