NEW OPTION FOR UNUSED 529 COLLEGE SAVINGS PLAN FUNDS
Do you have 529 college savings funds that may go unused by their intended beneficiary?
Your first option is to provide the money to another beneficiary. However, if you don’t have an alternate beneficiary to whom you want to transfer the funds, you could be left with the unsatisfactory option of liquidating the account and facing taxes and possible penalties on any earnings. This is a result of not using the money for qualified education expenses.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
Contact Information
Daren Seekins, CFS Maine Wealth Planning
Phone: 207.862.7247 Email: dseekins@northeastplanning.com
Located at Maine Savings Federal Credit Union 671 Broadway, Bangor, ME 04401 Business Hours: Monday - Friday: 8:00 a.m. - 5:00 p.m.
Financial planning offered through Northeast Planning Associates, Inc. (NPA), a registered investment adviser (RIA). Securities and advisory services offered through LPL Financial (LPL), an RIA and broker-dealer (BD), member FINRA/SIPC. Credit union is not an RIA or BD. Insurance products offered through LPL or its licensed affiliates. LPL registered representatives offer products and services using NPA. These products and services offered through NPA, LPL, or their affiliates, which are separate entities from, and not affiliates of the credit union, are:
NOT CREDIT UNION GUARANTEED | MAY LOSE VALUE
NOT CREDIT UNION DEPOSITS OR OBLIGATIONS
NOT INSURED BY NCUA OR OTHER GOVERNMENT AGENCY