A tax-efficient way to fund higher education.
Even if you’re able to afford college tuition outright, incorporating college funding strategies, such as a 529 College Savings Plan, into your financial plan can help to reduce your overall tax burden and provide you with an efficient way to save on college for your children or grandchildren.
A 529 plan is a state-sponsored savings plan that allows you to save money for college tuition and other qualified expenses. 529 plans offer many benefits, including tax breaks and flexibility, and can be a valuable way to pass your wealth on to the next generation.
Avidian Wealth Solutions understands the importance of strategizing the way high-net-worth families approach funding for college and are dedicated to helping you develop a financial plan that maximizes your savings. Our advisors will work with you to identify the college funding strategies that best fit your unique goals and objectives.
To learn more about our college funding strategies, schedule a consultation with us today.
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Avidian Wealth Solutions is structured in a way that provides a similar family office experience as that of a single-family office, but with a more cost-effective structure.
Our team of experienced professionals offers comprehensive wealth planning tailored to your individual needs with services such as estate planning, risk management, retirement planning, and beyond.
What does this mean for you? No college funding strategies will be recommended without taking into account any potential impacts on your overall financial plan. You’ll also gain access to the knowledge of a team of multi-disciplinary seasoned professionals, without the overhead costs typically associated with a family office.
At Avidian Wealth Solutions, we help wealthy families finance their children’s education in the most tax-efficient way possible, working to incorporate 529 plan tax benefits into their overall tax plan.
If you’re looking for tax planning in Houston, Austin, or any other location, our team of financial advisors for high-net-worth individuals and families can work with you to set up a 529 college savings plan and beyond, to make sure that you’re taking advantage of every possible opportunity. We’ll offer effective strategies for using a 529 College Savings Plan to meet your college funding goals, as well as maximize the potential tax benefits.
When you work with Avidian Wealth Solutions for college funding strategies and tax planning, you can rest assured knowing that decisions will be made with your financial future in mind.
As fiduciary financial advisors, we are committed to finding the best possible solution for each family we work with, providing personal service and guidance every step of the way. The fiduciary standard means that we are legally obligated to serve your best interest, always.
Our team is comprised of highly credentialed, specialized, and experienced wealth management professionals who work together to handle multiple aspects of your financial life, including asset management, debt management, risk management, taxation, wealth transfer, and more.
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Are 529 contributions tax deductible in Texas? Contributions to a 529 plan are not deductible on federal tax returns. However, most states do offer some variation of state tax deductions, whether they be full or partial. Texas does not have a state income tax and therefore does not offer tax deductions on contributions. But that doesn’t mean 529s aren’t worth investing in for Texas families, as there are beneficial tax breaks just for contributing to the account.
Contributions to a 529 College Savings Plan grow on a tax-deferred basis and appreciation can be withdrawn from the plan without federal income taxes as long as they are used for qualified education expenses.
529 College Savings Plans offer a variety of investment options, allowing you to select the investments that best suit your needs and financial goals. You can use the plan to save for any type of higher education, including undergraduate, graduate, and professional degrees. For affluent families looking to send their children to private school, new laws allow you to use 529 contributions to pay for K-12 tuition up to $10,000 per year.
Additionally, you have the flexibility to withdraw contributions or earnings from a 529 for qualified education expenses at any point in time. This means you can withdraw these funds as needed, making 529 College Savings Plans an ideal way to cover college costs as they come.
529 accounts for grandchildren can be used as a powerful estate planning tool, allowing you to pass assets on to the next generation. The account owner has control over the 529 College Savings Plan and can choose who will receive the funds. You can name a beneficiary of the plan and make changes at any time, making it an ideal way to pass on your wealth and ensure the future financial well-being of your loved ones.
If you’re looking for a tax-efficient way to save on college for the next generation, a 529 college savings plan is a great option. To learn more about your state’s sponsored 529 plans and how they can benefit your financial planning, schedule a consultation with Avidian Wealth Solutions today.
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