529 College Savings Plan
Start saving for their education early with a structured plan.
What Is a 529 Plan?
A 529 Plan is a tax-advantaged education savings account designed to cover qualified expenses.
Contributions grow tax-deferred, and withdrawals used for eligible expenses such as tuition, books, and room and board are federally tax-free.
These plans offer flexible investment options and high contribution limits, making them a practical option for long-term education planning.
Features of a 529 Plan
Control, Flexibility, and Transferability
The account owner retains control and can change the beneficiary if needed.
High Contribution Limits, No Income Restrictions
Allows for substantial contributions regardless of income level.
Tax Advantages
Earnings grow tax-deferred, and qualified withdrawals are federally tax-free.
Estate Planning Advantages
Contributions may reduce taxable estate size while allowing control of the assets.
Key Benefits of 529 Plan With BNG Wealth
529 Plans offer a combination of tax efficiency, flexibility, and broad usability
Tax Advantages
Earnings grow federal and state income tax-deferred, and qualified withdrawals are tax-free. Many states also offer tax deductions or credits on contributions.
Diverse Investment Choices
Access to a range of professionally managed portfolios designed for different timelines and risk levels.
Cost Efficiency
Many plans are structured with competitive fees, helping more of your contributions go toward education expenses.
Flexible Use of Funds
Funds can be used for K-12 education, college, graduate programs, certain apprenticeship programs, and qualifying international education.
Coverage Beyond Tuition
Qualified expenses include tuition, books, computers, room and board, and in some cases, limited student loan repayment.
Access to Multiple State Plans
You are not limited to your state of residence. Different state plans offer varying tax benefits, investment options, and fee structures.
What We Help You With
We help you structure your 529 Plan so it fits into your overall financial plan.
Selecting the appropriate plan (in-state vs. out-of-state)
Structuring contributions over time
Aligning investments with your timeline
Planning withdrawals and usage of funds
Reviewing and adjusting the plan as needed
Coordinating education savings with other financial goals
Additional Considerations
Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
