The New 529 Tax-Free "Grandparent Loophole" for College Savings Just Got Updated (#227)

Episode Summary: Which is a tax-free savings account that can only used for educational expenses? Did you know that a 529 plan can help you save more money than a traditional savings account if used for college expenses? In this episode, host AB Ridgeway shares insights on the evolving landscape of college planning and the newly revised rules surrounding 529 education savings plans. With changes aimed at making higher education more accessible, Ridgeway discusses the "grandparent loophole" and how it benefits individuals saving for their children's or grandchildren's education.

5 Key Takeaways:

1. 529 Plan Enhancements: Congress has introduced significant upgrades to 529 education savings plans in 2024, allowing for tax-free rollovers of leftover savings and enhanced flexibility in ...