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The Good, the Bad, and the Pretty Cool on 529s with Phillip Ramsey and Bryan Dewhurst

Episode 71:

We hate, (and we can’t stress this enough: hate!) college debt. We want to help you and your kids avoid it. But college is expensive. One avenue for college savings is through a 529. And while we don’t love an instrument that ties up your money so you can’t use it until sometime in the future, there are some secrets we’d like to share about how to leverage 529s as one part of your college planning.

In this episode, we dig into the nitty-gritty of 529s. The 529 rules and landscape have changed in the past few years, and some challenges and barriers that were in place before have been broken down. That’s great! We want to tell you about those and how you can get the most out of 529s. And what about funding your kids’ and grandkids’ education beyond the 529? We get into that too.


What You Will Learn in This Episode:

  • The three legs of college planning
  • Recent changes in 529s you should know about
  • How parents AND grandparents can use 529s to help with college (and pre-college) planning
  • The importance of researching your state’s specific 529 plan structure
  • How to get the tax deduction on 529 education expenses
  • Helping with a child’s college expenses without sacrificing your retirement savings
  • Some very cool, Uncommon ways to use 529 money for college expenses
“Some recent changes to how 529s are managed and regulated mitigate many of the concerns we have had in the past about 529s.” – Bryan Dewhurst Click To Tweet “We had clients who wrote a check to the private school without putting it through a 529 first. We helped them get the money back and get the tax deduction through the 529.” – Phillip Ramsey Click To Tweet “Recent changes mean you can use a 529 plan not just for college, but for K-12 expenses as well.” – Bryan Dewhurst Click To Tweet “If you need to find deductions, you have good cash flow, and need a place to find a tax advantages, 529s are great.” – Phillip Ramsey Click To Tweet “These days, you just need one account per child. One 529 per child is much simpler than the complicated system that used to be in place.” – Bryan Dewhurst Click To Tweet “Parents don’t want to see their kids get into debt for college, but they shouldn’t blow up their retirement savings plan in the process.” – Phillip Ramsey Click To Tweet “When we help clients map out how they pay for college, money in a 529 from the grandparents goes to the front of the line. That’s what it’s there for. They want to help their grandkids.” – Bryan Dewhurst Click To Tweet “If you’re hiring someone right out of college, and one person figured out how to get scholarships and pay their own way, and the other didn’t really think about how college got paid for, who do you hire?” – Phillip Ramsey Click To Tweet