Monterey Trust Management
When we die, our Last
Will and Testament, trust agreement or other writings are forever cast
in stone, right? Well, the answer is, not always. More and more, courts
are approving the amendment or alteration of a person’s estate plan –
after they are dead – and this evolving trend has some legal and
financial professionals concerned.
A simple investment
account is great but how about a 529 college savings plan? These plans
are state specific so educate yourself on benefits and limitations.
Contributions to a 529 plan are generally tax deductible and the funds
grow tax free – increasing the effects of compounding interest. With
certain exceptions, if funds are used for qualified higher education
expenses, withdrawals are also free from income taxation.
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