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529 Plans and Estate Planning

529 Plans and Estate Planning
In addition to their primary use as a college savings vehicle, 529 plans are increasingly being used for another purpose — estate planning. This estate planning use has emerged thanks to special tax rules surrounding lump-sum contributions to 529 plans, combined with the convergence of two powerful trends — boomer grandparents and soaring college tuition.
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529 Plan Basics
Section 529 plans are governed by federal law but are sponsored by states and, less commonly, colleges. All plans may have slightly different features, but must conform to the federal framework. There are two types of 529 plans — savings plans and prepaid tuition plans.
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Tax Consequences of 529 Plans
There are income tax, gift tax, and estate tax rules for 529 plans at the federal level.
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Estate Tax Rates
The following chart summarizes federal estate tax rates and exemptions.
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Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Infinex and the bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.

NOT FDIC-INSURED. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THE BANK. MAY GO DOWN IN VALUE.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2019.