SAVE FOR EDUCATION

Save for education like a bona fide smarty pants.

With rising tuition costs, it’s even more important to find investment vehicles for education that can enhance your savings. At Elevations, our team of LPL* Financial Advisors can help you find smart savings options like a tax-advantaged 529 savings plan**.

Curious about 529 plans? A LPL Wealth Management Financial Advisor can help you:

  • Decide which 529 plan is right for you

  • Choose from a variety of investment options

  • Assist with changing the account beneficiary or rolling over funds

  • Review your overall financial strategy for education savings

  • Understand estate planning advantages of 529s

three college-aged multi-cultural friends (two female and one male) laughing together and looking over a notebook in a collaborative manner.
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529 PLAN BENEFITS

From tax benefits to estate planning advantages.

529 savings plans have a number of benefits:

  • Savings grows tax-deferred and withdrawals are tax-free when used to pay for qualified education expenses

  • 529 plans are offered on a state level; residents may get additional tax benefits

  • Anyone can open a 529 plan, regardless of income

  • Contribution limits are high — typically over $300,000

  • Funds can be reassigned to a different account beneficiary at any time

  • Estate planning advantages through accelerated gifting — a lump-sum gift is allowed of up to five times the annual gift tax exclusion amount

Start saving with these three steps.

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Pick your 529.

Our LPL Financial Advisors are here to help. The first consultation is free for Elevations members.

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Estimate qualified expenses.

529s can have a wide use of funds, from college tuition, fees, room, board, books and supplies to student loan repayment or K-12 tuition. Our advisors can help you calculate an appropriate amount to save.

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Contribute.

Many 529s allow you to contribute as often as you like. We can help you with automatic monthly transfers.

Which 529 plan is right for me?

Because 529 savings plans are implemented at the state level and you can join any state’s plan, you have more than 50 options to choose from. Our LPL Financial Advisors can support you as you select a plan and pick your investments.

Talk to us

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA(opens in a new window)/SIPC(opens in a new window)). Insurance products are offered through LPL or its licensed affiliates. Elevations Credit Union name and Elevations Wealth Management Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Elevations Wealth Management Services and may also be employees of Elevations Credit Union These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Elevations Credit Union or Elevations Wealth Management Services. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency

Not Credit Union Guaranteed

Not Credit Union Deposits or Obligations

May Lose Value

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Elevations Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html(opens in a new window) for more detailed information.

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Check the background of investment professionals associated with this site on FINRA’s BrokerCheck(opens in a new window)’.

For additional information, please visit www.lpl.com/CRS(opens in a new window).

**There are fees associated with 529 savings plans. Investments in 529s involve investment risks. You should consider your financial needs, goals, and risk tolerance prior to investing. More information about 529 plans can be found in the issuer’s official statement or plan disclosure document which should be read carefully prior to investing. Most 529 plans are sponsored and administered by states. State tax benefits vary among the states and some offer residents additional tax benefits if they invest in their own state plan. Consult a qualified tax professional for more information.