The Ultimate Grandparent Hack Gifting and Tax Savings with 529 Plans!

Lydia PatelMar 11, 20240m 36s811 viewsScore 75
Pricing & Profitability
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Tax Strategy
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Summary

AI-generated

The video discusses the benefits of using 529 plans, particularly when grandparents own the accounts. Grandparent assets are not considered in financial aid applications. Some states, like Minnesota, offer tax deductions for contributions to 529 plans, with Minnesota allowing up to $3,000 per household per year.

Key insights

  • Grandparent-owned assets in a 529 plan are not considered in financial aid applications, making it a strategic way to save for a grandchild's education without affecting their aid eligibility.

Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial