SAVE FOR EDUCATION
Save for education like a bona fide smarty pants.
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.
Pick your 529.
Our CFS Wealth Management Advisors are here to help. The first consultation is free for Elevations members.
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.
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 CFS Wealth Management Advisors can support you as you select a plan and pick your investments.
How 529s work.
From details on the features of 529 plans to account mechanics, this blog explains the ins and out of these unique savings vehicles.
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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Elevations Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.
**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.