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July 13, 2023 at 02:10 PM
Over the past few decades, higher education costs have increased at a pace far exceeding inflation, and in an effort to help save for such costs, many families have turned to 529 savings plans.
In the experience of Jeff Levine, Kitces.com’s lead financial planning nerd and Buckingham Wealth Partners’ chief planning officer, the basic mechanics of such plans are pretty well understood by most advisors.
In practice, however, 529 planning can become surprisingly complex, Levine warns, especially when planning for multiple potential students, or when 529 plan funds are used for purposes other than higher education.
To help advisors get up to speed, Levine recently gave an in-depth webinar presentation that dug into all things college savings. In addition to offering an overview of key 529 plan rules, Levine detailed the various tax consequences of changing 529 plan owners or beneficiaries, and the effects of ownership decisions on student aid.
Of particular interest to the audience, based on the chat, was Levine’s examination of trust-owned 529 plans and what he has dubbed the “dynasty 529 plan.”
See the slideshow for a summary of Levine’s top planning tips, selected for their particular relevance to the work of financial planning professionals serving intergenerational client families.
Slideshow
