The major advantages of the 529 Plans are that the donor retains control of the account; it is an easy way to save for college; the principal grows tax deferred and distributions for college costs are exempt from tax. Also, it is a way to get assets outside of your estate while continuing to have the ability to utilize the assets, subject to a penalty, if the need arises.
An Estate Planning lawyer does more than prepare Trusts and Wills. Often we are able to suggest things that are helpful to our clients right now!
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