What do you get the graduating high school senior who has everything? After all, high school seniors usually have all the latest clothing and gadgets, so it can be difficult to find something they don’t already own. Yet, we all want to give that special student something that will make a difference in their lives. This is especially true when it comes to close family and friends.
The 529 Plan
Now it is possible to make a third party monetary contribution to some 529 plans. Through a 529 plan, a student can save money in a tax favorable way to pay for college tuition and related costs. In essence, you could contribute to a 529 plan whether the student just completed kindergarten or high school.
There are some new websites that have recently come online that allow third party contributions and even provide parents with a way to solicit gifts to their 529 plan. However, parents should be aware that there are problems associated with these websites such as:
- Problems with factual inaccuracies
- Difficult to understand terms and conditions
- High fees associated with the program
- No help in selecting the right program
As with any financial instrument, it is recommended that you receive advice and direction on how to best maximize your investment.
We are Here to Help
Should you be interested in learning about a 529 plan or perhaps other vehicles that can help your student pay for college, call our office today. We have information that can be tailor fit match your needs and particular time frame. We will navigate you to the best solution that will get you where you want to go. Call today and don’t forget to also check out my next FREE workshop where I cover how to pay for college without going broke!