Giving the gift of education — 529 plans

From Atlanta Blogs News Source: http://blogs.ajc.com/atlanta-bargain-hunter/2012/12/10/giving-the-gift-of-education-529-plans/?cxntfid=blogs_atlanta_bargain_hunter

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Holiday season is one of the most popular times of the year for opening 529 plans — the tax deferred accounts that help parents save and for qualifying higher education expenses. Sometimes parents set up the accounts and invite relatives to make contributions during holidays and birthdays. Sometimes relatives or friends open the account and contribute on behalf of a beneficiary. Here are a few tips from Harvey Snider , wealth management advisor for Merrill Lynch in Duluth on 529 gifting: Start early . Starting when a child is young allows you to give appropriate consideration to the level of risk involved and to make sure you continually monitor and adjust the account as the child or children continue to grow, says Snider. “When a child is younger the opportunity to assume a slightly higher level of risk in the hopes of a larger return is more appropriate than perhaps a year or two or three away from when the child needs to begin withdrawals,” Snider says. Avoid issues of ?



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