218 North 14th Ave, P.O. Box 317, Sturgeon Bay, WI 54235

920.743.9117

Door County WI Estate Planning Blog

Monday, September 15, 2014

529 Plans

Nearly 12 Million Sec. 529 Plans

Each year the College Savings Plans Network publishes a report on Sec. 529 plans. The National Association of State Treasurers created the network to monitor these plans.

All states maintain a tax-advantaged Sec. 529 plan. Cash amounts up to five annual exclusions may be contributed to an account in one year. The funds grow tax-free and may be distributed tax-free to students for appropriate educational expenses. The account beneficiary is usually a child or a grandchild of the donor.

In September 2014, the “Mid-year Review of 529 Plan Activity” was published. It is a good picture of the current use of Sec. 529 plans to fund future education needs for children and grandchildren.

1. Investment Balance – There currently is $244.5 billion in the Sec. 529 plans. During the first six months of 2014, the total balance grew 7.6% or by $17.4 billion.

2. Accounts – The number of accounts grew from 11.1 million at the start of 2014 to 11.83 million by mid-year.

3. Account Size – The average size of a 529 plan grew 14.7% over the past 12 months to $20,671.

4. Contributions – Parents and grandparents are very interested in these plans because 44% of the accounts received an additional contribution during the first half of 2014.

Information on Sec. 529 plans is available on www.irs.gov, www.savingforcollege.com or www.collegesavings.org.

Read more: http://www.rossestateplanning.com

 

 


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218 North 14th Ave, P.O. Box 317, Sturgeon Bay, WI 54235
| Phone: 920-743-9117 | 866-743-9117
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| Phone: 920-743-9117 | 866-743-9117

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