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Children and Grandchildren: Legacy
Manage episode 485295637 series 3468502
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Brian Akers and Jeff Akers, both certified financial planners, discuss strategies for funding children and grandchildren's education through 529 plans. They highlight the benefits of starting early, contributing $19,000 annually per beneficiary, and leveraging state tax deductions, such as Maryland's $2,500 deduction. They explain the flexibility of 529 plans, including using funds for K-12 education, private school, and trade schools, and the option to convert unused funds into Roth IRAs. They also address the importance of financial aid considerations and the potential for using 529 funds to pay off student loans. The discussion emphasizes the need for comprehensive financial planning to ensure educational and retirement goals are met.
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