![]() 529 plans can be a huge “utility” tool in a portfolio. In addition to funding education, 529 plans can be a tax savings tool and gifting /estate planning tool.
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Many of our clients have college age/young adult children over 18. Even though that might not be the milestone they are most excited about (like the one that comes 3 years later!), it is a major milestone in the eyes of the law. At that point our government considers them adults. They can now:
+Vote +Get married +Join the Military (men have to register for selective service) +Manage their own money +Serve on a jury +Sign a contract On the other hand, parents are no longer able to: -Access their medical information -Make health care decisions -Access their financial accounts (unless you have joint ownership) -Access their school records (even though you may be paying) |
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