Creating a legacy education account
You work with your clients to achieve all aspects of their financial dreams. One of those dreams may be to save enough to cover the costs of a college education. Once they’ve achieved that dream, what’s next for their education savings?
The benefits of a my529 account do not need to stop at graduation. Encourage your clients to consider the advantages of creating a legacy by continuing to invest in their my529 account.
Creating the habit of saving is the first and most difficult step, so encouraging your clients to maintain that savings habit just makes sense. my529 accounts are flexible and can continue to help your clients meet their family’s future educational goals. Here are a few ideas to keep those accounts working for your client.
- Use their my529 funds to pay for graduate school or other continuing higher education.
- With a my529 account already in place, grow savings for the next generation. It is an investment in the educational future of your client’s growing family.
- Changing a beneficiary is an option. Use the same account to save for a new beneficiary. If the new beneficiary is a member of the same family as the current beneficiary, the account will not incur federal or Utah state income tax consequences. Please see the Program Description for details regarding qualifying family members.
With the flexibility of my529 accounts, consider all of the ways your client’s savings can continue to benefit them and their family in the future. As the years go by, compound returns is your client’s best friend. See the Program Description for more information.