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Benefits of a 529 College Savings Plan: 

  • Income Tax Breaks - Unlike other savings plans where you can be taxed when you decide to retrieve the money from the account, that is not the case with 529 College Savings Plans when you take the money out to pay for college. 
  • Control Of Account - With a 529 College Savings Plan, you have the ability to assure the money will be used for its intended purpose. That means, if you have an account set up for a child, they will not be able to pull out the money for a different purpose other than paying for their college expenses.  
  • Low Maintenance - Once you set up a 529 College Savings Plan, you can basically set it and forget it. Our financial advisors will help monitor it so you can spend your time elsewhere without having to worry about the account.

What Is A 529 Plan? 

At Burr Capital Advisors, our goal is to help you obtain financial security for you and your family down the road, even when milestones in you or your family’s life come up like going off to college. Simply put, a 529 College Savings Plan is a plan that offers tax and financial aid benefits to save for the expenses that come along with attending a college or university. 

How Does A 529 Plan Work?

Generally speaking, contributions to a 529 College Savings Plan are typically made from after-tax dollars. More often than not, 529 plans are opened by parents or grandparents that wish to set money aside to assist their children or grandchildren in paying for college. The money put into the 529 account grows on a tax-deferred basis until it’s pulled out to pay for school. 

If you are a parent or grandparent that is looking into the future and wants to help set your child or grandchild up for a college education, we at Burr Capital Advisors are here to help. We believe in educating our clients and providing them with the information and resources needed to better understand all of their options, enabling them to make the best financial decisions for them and their families. We will guide you step-by-step through the process so you feel confident and equipped to invest your money wisely in order to achieve your financial goals.

Interested in creating a 529 College Savings Plan? Contact our financial advisors today to get started. We are here to take the confusion out of the equation and empower you with the resources you need to plan for the future. 

Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available
for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.