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! Comments are closed.
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Michael Burstein
Estate Planning and Probate Attorney, Manhattan Beach Local, Sports Enthusiast
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April 2023
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