“Clearly, this is the definitive guide to 529 plans. It is a must read for anyone who needs a detailed understanding of the most important financial vehicle since the advent of the 401(k).” —William L. Koleszar, Chief Strategy Officer, BabyMint, Inc.
“A user-friendly guide to this new and powerful financial instrument...an important addition to college admissions literature.” —Edward B. Fiske, author of The Fiske Guide to Colleges
Whether you want to save for your children, grandchildren, spouse, friend or yourself, The 529 College Savings Plan is the way to go. This book guides you through the savings process, cuts through the legal and financial language and gets you focused on college savings. Learn how the 529 Plan differs from other savings programs and how it will work for you.
The 529 College Savings Plan shows in a step-by-step format how to use this new government benefit. The book: -> Demonstrates how everyone can save for college—tax free -> Compares the 529 Plan to other savings plans such as Coverdell, Crummey and Prepaid Tuition Credit alternatives -> Answers “Frequently Asked Questions” about the 529 Plan -> Specifies the kinds of institutions that are eligible for the 529 Plan -> Explains such details as qualified higher education expenses -> Clarifies beneficiary issues -> Identifies Plan Managers -> Explains the 529 Plan requirements for all participating states
Chapter 1: The Basics of 529 Plans Internal Revenue Code Section 529 What the College Savings Account Really Is Establishing a College Savings Account Rules, Rules, Rules Future Changes in the Law Chapter 1—At a Glance
Chapter 2: Helping to Save for College Taxes and Tax Deferred Savings College Savings Accounts Versus other Methods of Saving for College College Savings Plan/Section 529 Advantage Coordination of Hope Scholarship Credit with Section 529 College Savings Plans Chapter 2—At a Glance
Chapter 3: Taxation of College Savings Plans Basic Tax Rules Qualified Higher Education Expenses Eligible Institution Taxes on Distributions Deductions for Contributions—Federal Deductions for Contributions—State State Taxation on Withdrawals from a College Savings Plan Chapter 3—At a Glance
Chapter 4: Beneficiary Planning The Basics Changing the Beneficiary Making Changes to an Existing College Savings Plan Chapter 4—At a Glance
Chapter 5: Ownership and Maintenance Lifetime Issues Transfer at Death Trusts as Owners Investment Options Fees and Expenses Chapter 5—At a Glance
Chapter 6: The Role of the Advisor Issues for the Advisor Role of the Advisor in Corporate-Sponsored Plans Chapter 6—At a Glance
Chapter 7: Estate Planning and the College Savings Plan Federal Estate Planning Basics College Savings Plans—Estate Planning Rules Creative Estate Planning The Double Dip Opportunity The Unintended Gift Tax Consequence Ownership Issues and Estate Planning Post Death Trust Issues Death of a College Savings Plan Beneficiary Strange Possibilities Chapter 7—At a Glance
Chapter 8: The New Employee Benefit Understanding Employee Benefit Plans Expanding Benefit Plans Adding 529 Plans to the Package Determining if Your Employer Offers a 529 Plan A Word of Caution Chapter 8—At a Glance
Chapter 9: Scholarship Programs and the 529 Plan Traditional Charities and College Savings Plans Establishing the Scholarship Program Universities and Colleges—Compensation Planning Corporate-Sponsored College Savings Accounts— Compensation Planning Chapter 9—At a Glance
Chapter 10: The Future of 529 Plans Rebate Programs Affinity Programs Chapter 10—At a Glance
Glossary
Appendix A: Internal Revenue Code Section 529
Appendix B: State by State Summary of Plans and Plan Managers
Appendix C: State Program Internet Links
Index
About the Authors
About the Author
Richard A. Feigenbaum is founder of College Savings Consultants, Inc. a Wellesley, Massachusetts based consulting firm focused on Section 529 College Savings Plans (www.529consulting.com) and technology solutions for the 529 industry. Richard Feigenbaum is also a practicing, estate planning attorney. Mr. Feigenbaum received his law degree, as well as a graduate law degree in Taxation, from Boston University School of Law.
He has authored a book on probate law, published by Sphinx/Sourcebooks and has taught probate law for the Northeastern University Financial Planning Institute and the Professional Paralegal Program. Mr. Feigenbaum has co-authored “Estate Administration for the Paralegal,” published by Massachusetts Continuing Legal Education, Inc. Attorney Feigenbaum is a member of the Boston Estate Planning Council, is listed in “Who’s Who in Executives and Professionals,” and is a frequent lecturer on estate planning topics for charities and financial services organizations.
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