This episode is one of our thought leaders and features Travis Brickfield who is the Senior Manager and Product Specialist for Education Planning at Raymond James. If you have a child or grandchild, you probably want to do everything you can to help them succeed, which likely includes contributing to their education. Travis provides an overview of various education planning options, followed by a detailed discussion of 529 savings plans. We will also address several common questions we have received while assisting clients with this topic.

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 savings plan. Such benefits include financial aid, scholarship funds, and protection from creditors. 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 education costs as anticipated. Most states offer their own 529 programs, which may provide advantages and benefits exclusively for their residents. The tax implications can vary significantly from state to state.