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Term vs. Permanent Life Insurance

According to industry experts, most people don’t have enough life insurance. The American Council of ...

The post Term vs. Permanent Life Insurance first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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What Did We Learn about Investments in 2023?

Reflecting on the tumultuous investment landscape of 2023, Buckingham Strategic Partners distilled invaluable insights into their “Top 10 Investment Lessons of 2023.” ...

The post What Did We Learn about Investments in 2023? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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What’s the Benefit of Using A 529 Plan to Help with Educational Expenses?

A 529 plan can be used to help support your loved ones in their future college education. There are three big benefits associated with using a 529 plan. The earnings or distributions are tax exempt, the contribution limits are much higher than comparable investment options, and anyone with any income level is allowed to invest. 

One of the biggest benefits is the higher contribution limits. One strong advantage of 529 plans is that the contribution limits are much higher than comparable accounts. As of mid-2022, all 529 plans have a maximum lifetime contribution limit of at least $235,000. Bear in mind that you may also apply for states set limits that are at $500,000 and above. 

Compare this with the possibility of making contributions to an individual retirement account with an annual maximum of $6,000, or $7,000 if over age 50. If a parent begins investing in an IRA once their child is born and continues making the maximum contribution every single year, the total parent contribution is just over $100,000. However, this is approximately half the amount that is allowed in states that have a low end of the 529 maximum. 

Make sure you discuss the possibilities of using a 529 plan to support your loved ones in the future by contacting an experienced and dedicated financial planner.

When we work with clients, it’s a big goal for us to help you see all the details of your plan working together to support your financial future, but also to help you reach your family’s financial goals. If you want to set aside funds to help support a loved one’s college education, meet with us to see if a 529 plan or some other strategy best suits your needs.

Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

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Explore all available job
listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
Term vs. Permanent Life Insurance

According to industry experts, most people don’t have enough life insurance. The American Council of ...

The post Term vs. Permanent Life Insurance first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
What Did We Learn about Investments in 2023?

Reflecting on the tumultuous investment landscape of 2023, Buckingham Strategic Partners distilled invaluable insights into their “Top 10 Investment Lessons of 2023.” ...

The post What Did We Learn about Investments in 2023? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more