Episode 131: 5 Things Grandparents & Parents Need to Know About 529 Plans

529 plans are a great way to save away money for kids’ college. But it does take a little bit of time to understand the ins and outs of them. David talks us through the top five things to keep in mind with 529s.

 

Read more and get additional financial resources here: https://coveryourassetskc.com/episode-131-5-things-grandparents-parents-need-to-know-about-529-plans/ 

 

What we discuss on this episode: 

0:44 - What’s the weather?

2:36 - What do you need to know about 529 plans?

3:57 - In many cases, you get a tax deduction for contributing.

6:59 - 529 plans aren’t just for college.

8:43 - It’s not only for tuition.

10:24 - You can change the beneficiary.

11:59 - What about the gift tax?