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Coffee Break with C2P: Tax-Advantaged Education Funding with 529 Plans

The Bucket Plan® On-Demand Podcast

Coffee Break with C2P: Tax-Advantaged Education Funding with 529 Plans

In This Episode

About the episode:

Understanding the intricacies of 529 plans is crucial for financial advisors looking to help clients save for college expenses effectively.

Join guest host Stoyan Petev, CFA, CFP®, CLU, ChFc, Senior VP of Advanced Markets at C2P, and Seth Meisler, CFA, CFP®, CPA, Lead Advisor at JL Smith Holistic Wealth Management, with additional insights from Dave Alison, CFP®, EA, BPC, President and Founding Partner of C2P and founder, CEO, and lead advisor of Alison Wealth Management, demystify the world of 529 plans.

Listen in as our knowledgeable guests provide real-world examples, best practices, and essential considerations to help you seamlessly incorporate 529 plans into your client’s comprehensive financial plans.

Key Topics Discussed:

  • Overview of 529 plans: Explore the basics of how 529 plans work, including tax-deferred growth and tax-free qualified distributions for education expenses.
  • Distinctions between 529 savings plans and prepaid tuition plans: Learn about the key differences between traditional 529 savings plans and prepaid tuition plans, which allow you to lock in current tuition rates at select universities.
  • State-specific tax deductions and credits: Gain insights into navigating the various state tax benefits associated with 529 plan contributions, including deductions and tax credits.
  • Gifting strategies and estate planning opportunities: Discover how 529 plans can be leveraged for gifting and estate planning purposes, such as utilizing the annual gift tax exclusion and accelerated gifting.
  • Strategically maximizing tax benefits: Explore strategies to optimize tax savings by carefully timing and planning 529 contributions and distributions.
  • Navigating financial aid implications and tax credit eligibility: Understand how 529 plan assets and distributions can impact financial aid eligibility and access to education tax credits like the American Opportunity Credit.
  • Advanced planning strategies: Learn about sophisticated planning techniques involving 529 plans, such as converting funds to Roth IRAs and establishing successor ownership.

Don’t miss this episode that sheds light on 529 plans, their tax advantages, gifting strategies, and advanced planning opportunities.

Resources:

Statistics:

https://www.savingforcollege.com/intro-to-529s/does-a-529-plan-affect-financial-aid#:~:text=What%20percentage%20of%20529%20assets,Expected%20Family%20Contribution%20(EFC).

Coffee Break with C2P: Tax-Advantaged Education Funding with 529 Plans

About the guest host:

Stoyan Petev, CFA, CFP®, CLU, ChFc, serves as the Senior Vice President of Advanced Markets at C2P, where he spearheads the in-house life insurance division and assists advisors with his knowledge in investment sales and sophisticated planning. His role is pivotal within C2P’s planning-first RIA, Prosperity Capital Advisors, serving both on the Investment Committee and Leadership Team. Stoyan’s journey before C2P spans nearly three decades, during which he has honed his skills across various capacities such as an advisor, distributor, research and investment analyst, due diligence officer, and consultant.

His commitment to education and risk management extends beyond professional advisement, as evidenced by his multi-state insurance licensure and holding Series 7, 24, 53, 63, and 65 licenses. Stoyan is an advocate for financial literacy, particularly within immigrant communities, and has shared his knowledge as an adjunct instructor at Lindenwood University.

About the guest:

Seth Meisler, CFA, CFP®, CPA, currently serves as a lead advisor at JL Smith Holistic Wealth Management. He is a seasoned financial advisor and Chief Investment Officer with over 17 years of experience, known for his strategic approach to financial planning, tax planning, and investment management. His dedication to helping clients navigate their financial journeys and simplify complex financial issues has positioned him as a trusted advisor. Seth’s academic credentials include an MBA from DePaul University and a BBA from the University of Michigan, Ann Arbor.

An active participant in the financial community, Seth is affiliated with the CFA Institute of Minnesota, the Minnesota Society of CPAs, the Financial Planning Association of Minnesota, and the American Institute of Certified Public Accountants. He is also a member of Ed Slott’s Master Elite IRA Advisory Group, focusing on advanced IRA tax and distribution strategies. His thought leadership has been featured in prominent publications like Marketwatch.com and Forbes, underscoring his impact on the financial planning industry and his commitment to excellence in client service.