Category - College

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Extreme College Planning
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What You Didn’t Know About 529 Plans

Extreme College Planning

Most parents aren’t looking forward to the cost of sending their kids through college. For those of you who really want to get a head start, here’s a scheme that will help maximize your college savings, albeit via rather quirky means.

Some time ago, a friend approached me with a question that no one had ever asked me before:  Is there a way to establish a tax-favored college savings plan for a child who hasn’t been born yet?  As it happened, he and his wife were planning to have a child within a year or so.  They had some cash …

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What You Didn’t Know About 529 Plans

Saving for CollegeRecently someone said to me that the only reason she invested in a 529 savings plan for her child was that everyone she knew had done the same thing. Often people have at best a vague understanding of how these plans work, why they are a desirable way to save for college, or how to select a plan that suits their needs.

I’ve found that most people don’t understand that there are actually two types of 529 plan.  There are “prepaid” 529 plans and 529 “savings” plans; they differ significantly in some respects.  In both types, state tax deductions may …

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