College savings: What professionals need to know
A college savings solution offering unique Georgia tax benefits and a wide range of investment options for over 20 years.
- A direct sold plan well-suited to the priorities of financial professionals: Low expenses, a disciplined investment approach as well as support and services tailored to the needs of advisors.
- Maximum Georgia taxpayer benefits: Tax-free growth and distributions when used for qualified higher educational expenses.1 The only 529 plan to provide a Georgia state tax deduction of up to $8,000 per beneficiary, per year if married filing jointly ($4,000 for single filers).
- Flexible use options to help minimize the impact of changing client needs or priorities: Approved for a wide range of educational experiences and expenses, can be used nationwide and for many schools abroad. The beneficiary can be changed to another eligible beneficiary, or if needed, you can simply withdraw assets for any reason (taxes and penalties may apply if not used for education).1
- A disciplined set of investment options: Full suite of self-adjusting Enrollment Year Investment Portfolios that utilize a gradual glidepath to shift the asset allocation over time. Also, the Plan offers five Static Investment Portfolios and the Principal Plus Interest Investment Portfolio, which allow for more control over allocations. Investment Portfolios are managed by a dedicated 529 investment team and use funds from leading asset manager Nuveen, a TIAA company.
- Estate tax and legacy planning benefits:
- Estate tax exempt. Kiddie tax exempt. Generation skipping tax exemption eligible.
- Able to seed account with large upfront contribution—a lump sum gift of $85,000 for single filers or $170,000 for joint filers, which can be pro-rated over five years per the federal gift tax exclusion (as of 2023).
- No limit of number of accounts/beneficiaries.
- Account owner maintains control over assets.
- Simplified 529 account management: Access client data easily and quickly with Ascensus QuickView.
- Planning tools and sharable resources: For example, use our College Savings Calculator to explore funding scenarios considering age, contribution levels, school choice as well as your assumptions for ROI and cost inflation.
What can you do
- Include college savings as part of your periodic goal discussions.
- Encourage your clients to have dedicated college savings accounts, as this may reduce the temptation to use retirement assets for college savings.
- Make sure college savings are invested in vehicles with appropriate risk-reward profiles, and that your clients take advantage of available tax benefits.
- Use the Enrollment Year Investment Portfolios as a stand-alone option or fine-tune your client’s risk/global exposure by mixing with any of the risk-based portfolios.
Manage your client’s accounts with 529 QuickView®
Need some help?
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