In addition to the many 529 Benefits, additional features set CollegeAccess 529 apart:
- Maximum contribution limit of $350,000 per beneficiary; once the maximum limit has been reached, it may continue to accrue earnings.
- Joint tenancy ownership allowed — accommodate those who prefer to own assets in joint name.
- Trust and corporate ownership permitted, including 501(c)(3) — ideal for people with unique intentions on how and when and for whom funds are to be used.
- Acceptance of contributions from individuals other than account owner — allowing assets to be accumulated faster and funding responsibilities to be shared.
- UGMA/UTMA investments permitted — enabling savers to be sure assets are used for college, reduce taxes on the minor, and gain favorable tax treatment for financial aid.1
- Tax-free rollovers allowed — from other 529 plans, Coverdell Savings Plans (formerly Education IRAs), and qualified U.S. savings bonds (Series EE and I).
- Ability to change investments or redeem with one phone call — leaving less paperwork for you 2
- Statutory creditor protection — protecting assets from creditors of the contributor, account owner or beneficiary.3
1Transferring assets from a UGMA/UTMA account to a 529 plan may require the account owner to sell securities and incur the possible tax consequences. Also, there are fewer restrictions on the uses of assets in a UGMA/UTMA account than there are on the assets inside a 529 plan whose tax advantages are targeted to withdrawals for higher education expenses.
2With 529s, you can reallocate existing assets in your account twice per calendar year, or whenever you change the account’s designated beneficiary. See Plan Disclosure Statement for details.
3Certain restrictions apply; see Plan Disclosure Statement for details.