Many parents and grandparents misunderstand how 529 plans work. In this episode, Rich Leimgruber talks with Kris Adrian, National 529 Specialist at JP Morgan, to clear up myths and explain how families can use these plans to fund education in a tax-efficient way.
Our conversation covers how 529s have expanded beyond traditional college savings, what recent rule changes mean, and why every family should understand their options.
Key Highlights:
- 529 flexibility: Funds cover college, trade school, apprenticeship programs, and can transfer tax-free to siblings, cousins, or even future grandchildren.
- New rules that allow up to $35,000 of leftover funds to roll into a Roth IRA under Secure Act 2.0.
- FAFSA benefits: Parent-owned 529s count at 5.64% in the formula, while grandparent-owned plans now count at 0%.
- Estate strategy: Family Members can gift up to $190,000 (married) in a lump sum using the five-year election, while keeping control of the account.
This episode gives you the facts you need to avoid costly mistakes, take advantage of tax benefits, and plan smarter for your family’s future.
Filmed and recorded at Studio on the Avenue/LMC Media
Mamaroneck, NY
https://lmcmedia.org/
Produced and Edited by Vekterly
https://www.vekterly.com/
Disclaimer: This podcast is for informational and educational purposes only and should not be considered as financial advice, a recommendation for any specific investment, strategy, or financial decision, or legal advice. By engaging with this material, you acknowledge and agree with its intended purpose. Any examples provided are hypothetical and for illustration purposes only. Neither Rich Leimgruber, the EnRich Your Life Podcast, nor its representatives are advising or suggesting any specific action or decision. Before making any financial, legal, or tax decisions, individuals should consult their own financial advisor, accountant, legal professional, or other qualified professional before making financial decisions. All opinions expressed are those of the host and guests and do not reflect the views of any affiliated financial institutions. The views shared may not be suitable for every individual or situation. Past performance is not indicative of future results, and all investments carry risk. Please note that any strategies discussed may not be suitable for all investors, and the appropriateness of any specific investment or strategy will depend on individual circumstances.
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