Believe me, saving money tax free is always good. However, in a college saving plan, it may come back to bite you in the rear! Historically people have invested in 529 plans without really knowing the disadvantages.
If your child decides to not go to an accredited 4-year college or university, the government may not consider any or all of your money eligible to qualify for tuition assistance. Also, if you make over a certain dollar amount and you have a 529 plan, you may not qualify for additional financial assistance because your income is too high AND you have additional resources outside of you regular pay (i.e., the 529 plan).
Here at BTG, we have an answer for saving for your child’s college tax free. So no matter what path they choose in life, your money can be used effectively.
Interested in learning more? Call or email our office today to schedule some time with one of our advisors. We look forward to hearing from you!
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