It's been said that having grandchildren can be even more rewarding than being a parent, because this time you're more relaxed. We understand what an exciting event it can be, and we know grandparents wish to play an important role in their grandchildren's lives. This checklist can help you consider different options to discuss with your financial advisor.
Adding another generation to the family is exciting, and your financial advisor is committed to being there for you through all of life's changes. Contact your financial advisor to learn how we can help.
Edward Jones, its employees and financial advisors are not estate planners and cannot provide tax or legal advice. Individuals should consult a tax professional regarding their specific situation.
Withdrawals used for expenses other than qualified education expenses may be subject to federal and state taxes, plus a 10% penalty. There may be state tax incentives available to in-state residents who invest in their home state’s 529 plan. Student and parental assets and income are considered when applying for financial aid. Generally, a 529 plan is considered an asset of the parent, which may be an advantage over saving in the student’s name. Make sure you discuss the potential financial aid impacts with a financial aid professional. Tax issues for 529 plans can be complex. Please consult your tax advisor about your situation. Edward Jones, its financial advisors and employees cannot provide tax or legal advice.