As college costs continue to rise, more parents and grandparents are looking into ways to save for their children’s education. But with the potential for taxes and penalties, is a 529 plan the right choice?
In this episode, Austyn Whittenburg talks with Rick Gallacher, CFP®, to discuss how you can start helping your kids save money for college with a college savings plan. When used right, you are able to use the money tax free on almost everything school related.
Rick discusses:
- Options for paying for college
- What you can use 529 funds for
- How the family legacy pyramid works
- Pros and cons of college savings plans
- And more
Related: Why Everyone Should Have an Estate Plan with Eric Whiting