Invest in Your Child’s Future with a 529 Plan

Each state offers its own plan. Much like your 401(k) plan at work, they offer a set list of investments and the assets inside can grow tax free. As of 2020, you can gift up to $15,000 per year per spouse to each child’s account without having to file a gift tax return. Once the account balance reaches $300,000+ no other contributions can be made. State rules vary.

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