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For those who don’t know, 529 plans are tax beneficial investment accounts sponsored by the state or state agents. The money invested in these accounts can be used to fund your kids college tuition or for educational expenses.
While 529 plans are traditionally known and used for college expenses such as tuition, room and board fees, or books and supplies, 529 plans can also be used for private school, apprenticeship programs, associate degree programs, vocational and trade school tuition and fees.
Depending on your state, you may even receive a state tax deduction.
Note that for 529 plans you can change the beneficiary to another child or even a blood family member.
Formal education may not be in your child’s future, but some form of learning likely will be. It’s usually a good idea to utilize as many tax-advantaged investing accounts as you can. Let’s be tax smart and strategic.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.