Wealth Preservation, Trusts and Estates

529 Plans For Pa Residents By: Attorney David M. Frees III

529 Plans come in many shapes, sizes, and colors. And, there is significant variation from state program to state program. If you would like to know the top five reasons to consider a 529 and get a great web based resource to help you to understand and to compare the different plans, then click here for my 529 Plan Article for Pennsylvania Residents.

The article reviews some of the estate planning, gift tax, income tax, and administrative issues involved with selecting a 529 plan.

Let us know your questions in the comments section.

David M. Frees III is a Pennsylvania probate, will, and trust attorney with offices located in West Chester, Malvern, and Phoenixville, Pennsylvania.
David Frees has an AVVO Rating of 9.8 and “Superb”

For a consultation to make sure that your estate planning documents are up to date, and coordinated with your 529 plans, call 610-933-8069. Mention this article to receive a valuable resource, our Enhanced Estate Planning CD.

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With the cost of 4 year college educations continuing to soar

and, to out pace inflation, many of us are wondering how to save for our children. There are a variety of tools ranging from multiple 529 plans to UTMA accounts, to trusts, and outright savings in the parent’s own names.

But, if you want to know how the President of the United States of America is saving for his daughters, then the public disclosure of his gift tax returns and the Wall Street Journal have the answer. This is a great article on the advantages of front loading a 529 plan which can be done by parents and/or grandparents or other relatives without filing a gift tax return. And, now is a good time to consider such gifts as the market is so low that the gift might be able to grow substantially before it is needed.

Now how to get the money to put into the plan? That is another question.

Enjoy. Leave a question or comment below.

David M. Frees III, Esquire
David Frees’ AVVO Rating is a Superb 9.5
Unruh, Turner, Burke and Frees
610-933-8069
dfrees@utbf.com
David assistants Donna, Denise, Tra and Whitney can be reached to set up a telephone or in person appointment with David.

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Many  clients ask us about how to plan and to save for college as part of their estate planning, asset protection planning, and tax planning. In our Enhanced Estate Planning Process (TM), we focus on the many ways that families can protect assets for the things that are important. And, lifestyle, family values, and educating the next generation rank high on the list. And, when you plan properly, you can protect assets from your creditors and for your children and grandchildren. You can also get these assets out of your estate for tax purposes, and you can make sure that they get used for educational purposes and not for unrelated reasons.

Because the economy has robbed many people of the assets that they were going to use, many grandparents are also looking for ways to help children and grandchildren with these extraordinary expenses.

Obviously, the sooner you plan the better. But, it is never too late.

There are several types of 529 plans, UTMA accounts, individual trusts, and other tools including outright gifts that can be used. However, a comprehensive plan should be thought out before you start with the trouble and expense of any particular technique. And, there are many pros and cons to 529 plans. Finally, you need to understand how these plans invest and work.

I recently discovered a great resource to use in calculating and planning for college. Many site are set up to sell consumers a product or service. This site is just jammed with resources, calculators, and information. Just click here to visit the FINRA college resource center.

We also post articles on these and related topics at Pennsylvania Estate Planning.

I also wanted to remind you of a new service that we are offering for our clients and prospective clients.
If you would like our regular “HOT TIP” that you can use each week to save tax dollars, avoid probate, make your will actually work (most do not), or protect your assets, then follow David M Frees III, Esq on Twitter. Just click here.

Thank you for your comments and questions below.

David M. Frees III Esquire

Call 610-933-8069 for more information, an
appointment, or to receive our free report
The Ten Most Common Mistakes Executors Make and How To Avoid Them.

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