It’s not only important to take time out of your busy schedule to do your own estate planning, but also to consider college savings plans. If you have a child or grandchild, you may want to contribute to his or her college education. This can be achieved with the use of a college savings plan.
Take a look at some of the information below to learn more about Arkansas college savings plans. If you have any questions, meet with an estate planning attorney.
This blog post discusses the iShares 529 Plan.
What is the iShares 529 Plan?
This savings plan is a way for individuals to save for the future costs of education. In order to get started with this college savings plan, you will need to make an initial contribution of $500. You will also need to commit to contributing a minimum of $50 each month or $150 each quarter.
This plan offers different investment decisions to help diversify your investments. The account maintenance fee for this plan is only $10 and is waived if you have over $20,000 in your account. You’re able to reach a maximum account balance of $366,000 with this plan.
What are some of the benefits of the iShares 529 Plan?
There is no application fee to get started.
Additionally, most people find the low $10 yearly maintenance fee to be extremely beneficial.
You’re able to take advantage of state tax deductions for your contributions, which can include up to $5,000 or up to $10,000 for married couples.
With a maximum account balance of up to $366,000, you also have the opportunity to save a lot of money for your child’s college expenses.
Don’t put off your college savings goals. If you have any questions regarding your estate planning or college savings plans, consult with a qualified estate planning attorney.