Funding College Expenses with 529 Plans

Having funds available for the pursuits of higher education commonly is a financial planning point of interest among our clientele. However, the rising amenities and increasing demand for college degrees in the workforce have driven higher institutions’ prices up. The average annual cost of attendance (all expenses) is $55,000 for a private college and $27,000 for an in-state public college¹. …

The SECURE Act

The Setting Every Community Up for Retirement Enhancement Act of 2019, better known as The SECURE Act, is a retirement security package under debate in Congress.  Currently, the bill is stalled in the Senate after passing through the House of Representatives in May 2019.  Among the changes to retirement plans and 529 plans, two of the more notable changes, if …

529 Education Savings Plan

Under the Tax Cuts and Jobs Act of 2017, the new law expanded the definition of qualified distributions for a 529 plan. Under previous law, qualified distributions were distributions for tuition, books, room & board, fees and supplies for higher education. Qualified distributions were tax-free at the federal and state level and avoided a 10% federal penalty. With the tax …