If you have minor children of any age, you need to think about a plan for paying for college. Colleges vary greatly on tuition and fees. Undergraduate students at four year colleges will pay between $7,000.00 and $36,0000.00 a year. Most students will finish college with large student loans.
Placing money in a 529 for a child may be a good way to set aside money for college costs and save on taxes. The money placed in the 529 is considered a gift and there is no tax due on the withdrawals as long the withdrawal is spent on higher education costs including tuition, room and books.
Getting Legal Help
Experienced Estate Planning Attorney Elga Goodman can help you create a plan which protects your assets, saves tax consequences, and protects loved ones. Call us today at 973-841-5111.
Posted in: Estate Planning, New York Estate Planning