The cost of higher education is only going up, but that shouldn’t get you down. Saving for college doesn’t need to be a burden. With the MI 529 Advisor Plan, there’s no big upfront investment and getting started will be worth your time; it takes about as long as grabbing a cup of coffee. Still not sure? Here's a helpful side-by-side comparison of key features of the most popular college-saving options.
With the help of your financial advisor, the MI 529 Advisor Plan, can easily be opened and funded after completing a short application. Once established, you can easily manage it online or by phone. In addition, consider setting up an automatic contribution plan (ACP) from your bank account, making regular contributions is now easier than ever.
Your earnings, if any, are free from federal income tax when used for qualified expenses. In the meantime, your contributions are reinvested automatically so your account may grow more than a taxable account over the same period.
Funds can be used at any accredited university, college or vocational school nationwide — and many abroad. Basically any institution with a student aid program qualifies.
The MI 529 Advisor Plan can be used to pay for tuition, certain room and board costs, computers and related technology expenses as well as fees, books, supplies, and other equipment.
Many parents worry that a 529 Savings Account can adversely affect eligibility for financial aid. So long as the parent is the account owner, funds are typically treated as belonging to the parent, not the child, minimizing the impact on financial aid.*
Open an account with as little as $25 per investment portfolio. Since there are no application, sales, or maintenance fees, it’s affordable even for those on a modest budget.
You don’t have to do it all on your own! Grandparents as well as other family and friends can make gifts to your account for maximum growth potential.
If it turns out your child or grandchild doesn’t need all the money or their education goals change, you can designate a new beneficiary penalty-free so long as they’re an eligible member of your family.
The MI 529 Advisor Plan provides a variety of professionally managed investment portfolios to choose from including age-based options that automatically change as the beneficiary grows up. Alternatively your advisor can tailor your portfolio investments with multi-fund, Individual Fund and target risk options to match your risk tolerance, timeline, and investment preferences.
When you or anyone else makes a contribution, it may qualify for an annual gift tax exclusion of $15,000 per year for single filers and $30,000 a year for couples. As a 529 Plan, the MI 529 Advisor Plan is the only investment that allows you to give up to 5 years’ worth of gifts at one time — for a maximum of $75,000 for a single filer and $150,000 for couples.
OPEN AN ACCOUNT
Call your financial advisor today and tell them you want the MI 529 Advisor Plan.