Unleash the Power of Oregon 529 Plans

During tax season, we regularly hear from potential new clients eager to explore ways to reduce their taxable income and maximize their tax credits. What surprises us, however, is how many people haven't yet considered education planning as a valuable tool.

Imagine: your child's first day of high school. Memories flood back, each moment precious and fleeting. College looms, and with it, rising costs. You might feel a pang of worry, wondering if you're fully prepared. Take a deep breath, you're not alone. Many families face this reality. But don't let worry cloud your present or your child's future potential.

Juggling work, family, and finances, college savings can feel like a distant dream, especially compared to retirement goals and immediate needs. But what if there was a solution that empowered you to build a brighter future, today?

How Oregon 529 plans can help you right now.

If any of this resonates with you, don’t beat yourself. Instead, consider starting right now. The reality is, you can’t make up for lost time, but you can start today. Oregon 529 plans aren't just for "later”: they're a powerful tool for proactive families, offering more than just traditional college savings.

What are the benefits?

• Tax Advantage: Unlock the Oregon College Savings Tax Credit. Reduce your state income tax burden with contributions of between $170 and$3,400 ($340 to $6,800 if married and filing jointly) depending on your Adjusted Gross Income (AGI). See the breakdown below:

• Flexibility: Use funds for qualified education expenses, not just college. Think K-12 tuition, apprenticeships, trade schools, and more.
• Growth Potential: Invest in a diverse lineup of investment options and enjoy tax-free growth on your contributions.
• Estate Planning: The IRS allows for five years of accelerated gifting into 529 Plans, up to $180,000 for a married couple splitting the gift. And the money in a 529 account is exempt from federal estate tax. The 529 can be a powerful tool for affluent grandparents looking to help their grandchildren while also optimizing their estate planning.

There’s still time to act before the 2023 tax filing deadline. Don't miss out on potential Oregon state income tax credits; contribute to an Oregon 529 college savings plan.

Actionable steps to take today:

• Open an account. Visit the Oregon College Savings Plan website for resources.
• Understand contribution limits & tax credit details.
• Consider a financial planning consultation for personalized guidance.

If all this feels overwhelming, or just another contribution to keep track of, consider getting some advice you can trust. My team and I work hard to uncover financial blind spots and opportunities for our clients. That’s what financial planning is all about. It's not just for the wealthy; it's about clarity and control over your financial future (including optimizing your 529 plan).

Wishing you a less stressful tax season,
Stu Malakoff, CFP®, CDFA®, CPFA, CRPC® I President, Bend Wealth Advisors
CERTIFIED FINANCIAL PLANNER™
523 NW Colorado Ave. Ste. 100
Bend, OR 97703
bendwealth.com

Direct 541.306.4325 I Office 541.306.4324 I stu@bendwealth.com

Securities offered through Raymond James Financial Services, Inc., member FINRA / SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Bend Wealth Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services. Any opinions are those of Stuart Malakoff and not necessarily those of RJFS or Raymond James. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Prior to making an investment decision, please consult with your financial advisor about your individual situation. Some of the following material has been prepared by Broadridge Investor Communication Solutions, Inc.

As with other investments, there are generally fees and expenses associated with participation in a 529 plan. There is also a risk that these plans may lose money or not perform well enough to cover college costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. Investors should consider, before investing, whether the investor’s or the designated beneficiary’s home state offers any tax or other benefits that are only available for investment in such state’s 529 college savings plan. Such benefits include financial aid, scholarship funds, and protection from creditors. The tax implications can vary significantly from state to state.