Using a 529 Plan as an Estate Planning Tool

“For tax year 2020, the IRS has set the lifetime exemption from estate taxes at $11.58 million. Imagine gifting a portion of those assets to your loved ones while also taking advantage of a key feature that 529 college savings plans afford account holders that many other types of gifts don’t: control. That’s because you decide the beneficiary of each account, you direct the assets, and you can take the money back or reallocate it.” Continue reading.

Source: John Hancock Investment Management