In the latest episode of Amplified Wealth - According to Plan, hosts Kate Fishbein, CFP®, and Tom Farrell, CFP®, dive into recent changes in 529 plans and how these updates can benefit you and your family.
Episode Highlights:
529 Plan Updates: Discover the latest changes to 529 plans, including the new "grandparent 529 loophole" and how it affects financial aid eligibility.
Financial Aid Simplification: Understand the implications of the FAFSA Simplification Act and its impact on third-party 529 plans for the 2024-2025 school year.
Beneficiary Flexibility: Learn about the options for changing 529 plan beneficiaries and how these plans can be used as a legacy tool for future generations.
Roth IRA Rollovers: Explore the exciting new provision in the Secure Act 2.0 that allows for a lifetime $35,000 rollover from a 529 plan to a Roth IRA for the beneficiary, along with important rules and considerations.
And more!
Timestamps:
Summary and Soft Open: (00:00)
Grandparent 529 Loophole: (02:09)
Unused 529 Funds: (06:23)
Converting to Roth IRA: (12:23)
Important Caveats: (13:37)
Nothing contained in this presentation should be construed as personalized advice, or solicitation to buy or sell any securities. Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. There can be no assurance that the future performance of any specific investment or non-investment related content in this Podcast will be profitable or suitable for your individual situation. Due to changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions. The opinions expressed in this podcast are those of the participants and may not reflect those of the firm. To the extent you have any questions regarding the applicability of anything discussed to your individual situation, you are encouraged to consult with the professional advisor of your choosing. The firm is neither a law firm, nor a certified public accounting firm, and no portion of this content should be construed as legal or accounting advice.
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