[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/529-accounts-can-create-many-benefits-greenwich-ct-new-york-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/529-accounts-can-create-many-benefits-greenwich-ct-new-york-ny\/","headline":"529 Accounts Can Create Many Benefits","name":"529 Accounts Can Create Many Benefits","description":"Many parents and grandparents with 529 savings plans aimed at helping with college expenses may not be getting the full benefit from them. As college tuition continues its steady rise the issue of growing college tuition and student loan debt has become a key issue at home and in politics as well as the 2016 […]","datePublished":"2015-11-26","dateModified":"2024-05-16","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso, LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01b8d17a0d14.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01b8d17a0d14.jpg","height":863,"width":1280},"url":"https:\/\/www.amorusolaw.com\/blog\/529-accounts-can-create-many-benefits-greenwich-ct-new-york-ny\/","about":["Estate Planning"],"wordCount":311,"keywords":["529 Plans","College Tuition","Estate Planning"],"articleBody":"Many parents and grandparents with 529 savings plans aimed at helping with college expenses may not be getting the full benefit from them.As college tuition continues its steady rise the issue of growing college tuition and student loan debt has become a key issue at home and in politics as well as the 2016 Presidential election approaches.The rising costs are also having an impact in estate planning. Instead of waiting to give grandchildren an inheritance, many grandparents are investing the money in 529 savings accounts to pay for college tuition.Recently, the Wall Street Journal offered some tips on how to use these plans most effectively in \u201cHow to Be Smarter With a \u2018529\u2019 Account.\u201dThe tips include:Fund Fully \u2013 To get the most that you can out of the plans, you should fund them as much as you can as soon as you can after a child is born. However, the plans can be funded at any time if that is not possible.Use Online Withdrawals \u2013 Many 529 accounts allow you to make withdrawals online directly to colleges. This avoids any potential IRS questions about whether or not the funds were used for qualified expenses.Caution for Grandparents \u2013 Grandparents may want to avoid paying out from 529 accounts until a student\u2019s junior year to avoid potential issues with student loan qualifications.Not Always the Best Option \u2013 As good as 529 savings accounts are they are not always the best option for all families. In some cases it may be wiser to just pay for a student\u2019s tuition, which can possibly be done as a tax-free gift.The issue of 529 account options and the potentially unnecessary gift taxes can be discussed with an estate planning attorney.Reference: Wall Street Journal (Nov. 8, 2015) \u201cHow to Be Smarter With a \u2018529\u2019 Account.\u201dFor more information on saving for education and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"529 Accounts Can Create Many Benefits","item":"https:\/\/www.amorusolaw.com\/blog\/529-accounts-can-create-many-benefits-greenwich-ct-new-york-ny\/#breadcrumbitem"}]}]