College Savings: What professionals need to know
A college savings solution offering unique state and federal tax benefits and a wide range of investment portfolios for over 25 years.
- A direct-sold plan well-suited to the priorities of financial professionals: Edvest 529 provides low expenses, a disciplined investment approach, as well as support and services tailored to the needs of advisors.
- Wisconsin tax benefits: Receive tax free growth and distributions when used for qualified higher college expenses. Edvest 529 is the only direct-sold plan to provide a Wisconsin state tax deduction of up to $3,860 annually per beneficiary from contributions made into an Edvest 529 College Savings Plan (married couples filing separately and divorced parents may claim a maximum of $1,930).
- Flexible use portfolios to help minimize impact of changing client needs or priorities: Qualified withdrawals are approved for a wide range of education experiences and expenses and can be used nationwide and many schools abroad.1
- A disciplined set of investment portfolios: Edvest 529 offers a full suite of self-adjusting Enrollment Year Investment Portfolios that utilize a progressive glidepath, which creates a more gradual shift in asset allocation. In addition, Edvest 529 offers Multi-Fund and Single Fund Investment Portfolios, allowing for more control over allocations, and the Principal Plus Interest Portfolio, allowing for more control over allocations. Investment Portfolios are managed by a dedicated 529 investment team and use funds from leading asset managers.
- Estate tax and legacy planning benefits:
- Estate tax and Kiddie tax exempt. Generation skipping tax exemption eligible.
- An account owner is able to seed their account with a large upfront contribution—a lump sum gift of $85,000 if you’re a single filer or $170,000 if you’re married—and pro-rate the gift over 5 years per the federal gift tax exclusion (as of 2023).
- There is no limit on the number of accounts/beneficiaries.
- The account owner maintains control over their assets.
- Simplified 529 account management: Client can access data easily and quickly with Ascensus QuickView.
- Planning tools and sharable resources: Our College Savings Calculator explores funding scenarios, considering age, contribution levels, school choice as well as assumptions for Return on Investment (ROI) and cost inflation.
What can you do?
- Include college savings as part of your periodic goal discussions.
- Encourage your clients to have dedicated college savings accounts, as this may reduce the temptation to use retirement assets for their college savings.
- Make sure college savings are invested in vehicles with appropriate risk-reward profiles, and that your clients take advantage of available tax benefits.
- Use our Enrollment Year Investment Portfolios on their own or fine-tune their risk/global exposure by mixing with an allocation of our Multi-Fund or Single Fund Investment Portfolios.
Manage your client’s accounts with 529 QuickView®
Need some help?
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