New Jersey’s Plan
Each state offers its own 529 program for saving for college and most programs are available to residents of any state. So a resident of Colorado can invest in the New Jersey 529 program but there are extra benefits for residents of New Jersey who in invest in the New Jersey plan. Franklin Templeton manages the New Jersey 529 College Savings Program.
Residents get More Benefits
New Jersey residents are not subject to New Jersey state income tax on qualified withdrawals and they don’t have to pay the annual maintenance fee of $25.00 which other state residents pay if they participate in the New Jersey program.
You maintain control of choosing or changing the beneficiary and you choose the types of investments which are best for your family. The beneficiary does not control the assets or the distributions. You can make changes to the asset allocation annually if needed.
Getting Legal Help
When you sit down to make an estate plan, you need an experienced estate planning attorney who understands all your goals and your asset protection options. Experienced Estate Planning Attorney Elga Goodman can help you decide what your best options are for protecting your children’s future. Call us today at 973-841-5111.
Posted in: Estate Planning