UNDERSTANDING 529 PLANS. 603 N Indian River Drive, Suite 300, Fort Pierce, FL

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1 UNDERSTANDING 529 PLANS 603 N Indian River Drive, Suite 300, Fort Pierce, FL

2 COLLEGE COSTS OVER TIME Inflation-Adjusted Published Tuition and Fees, to Source: The College Board, Trends in College Pricing,

3 COLLEGE COSTS TODAY Public (in-state) Per Year Private Per Year Tuition & Fees $7,005 $27,293 Room & Board $8,535 $9,700 Books & Supplies $1,137 $1,181 Transportation $1,073 $862 Other Expenses $1,989 $1,440 Total Costs $20,389 $40,476 Source: The College Board, Trends in College Pricing, 2010

4 529 PLANS: QUALIFIED TUITION PLANS Established and maintained by the state or an agency or instrumentality of a state. Two Types: 1) Prepaid Tuition Plan 2) Savings Plan

5 PREPAID TUITION PLAN Allows you to: Buy future tuition credits at today s prices For in-state colleges and universities And is: Guaranteed to increase with inflation Not subject to the volatility of the market

6 COLLEGE SAVINGS PLAN Covers tuition and other expenses including room and board May be used for any eligible educational institution Invested in professionally managed, preselected portfolios

7 WHO S WHO? Account Owner/Participant No income limit No maximum age limit Beneficiary Person named on account as prospective student Must be at least one day old Must have Social Security Number usually within 180 days of enrollment

8 QUALIFIED HIGHER EDUCATION EXPENSES Includes: Tuition Fees Books Supplies Equipment Room & Board At these institutions Undergraduate Graduate Post-grad Vocational U.S./international To search for a school s federal school code:

9 CONTRIBUTION CONSIDERATIONS Must be in cash Possible state income tax deduction for state resident donors & other benefits Maximum contribution limit set by the states; highest maximum currently in the marketplace is $300,000 and growing

10 GIFT & ESTATE TAX BENEFITS Special five-year gifting provisions: Contributions: May contribute $65,000 in a single year gift tax-free or $130,000 for couples No more gifting allowed to the same beneficiary during the next five years Considered a completed gift Removed from the donor s estate for federal estate tax purposes

11 THE POWER OF GIFTING As seen in the example below, qualified savings plans can help reduce the size of your estate for tax purposes. Grandparents Grandchild $130,000 Grandchild $130,000 Grandchild $130,000 Grandchild $130,000 Grandchild $130,000 Grandchild $130,000 Each grandchild starts with $130,000 in their 529 plan. The grandparents are reducing their estate by $780,

12 ESTATE TAX BENEFITS $5,000,000 Estate -$780, contributions $4,220,000 Gross estate/taxable estate $1,779,800 Tentative tax -$1,455,800 Estate credit (2009) $ 324,000 Net estate tax Estate Tax Savings = $351,000

13 529 PLAN INVESTMENTS Invested in age-based, static, individual fund portfolios Offers professional asset management No investment direction allowed Returns are not guaranteed

14 PARTICIPANT S CONTROL As a participant, you have the power to: Choose the investment portfolio Name and change the beneficiary Name a successor participant Cash out of the plan As a participant, you can change: Investment options or plans an unlimited number of times annually if you name a new beneficiary each time Investment options once each calendar year within the same plan for the same beneficiary To a new 529 plan every 12 months

15 PARTICIPANT S CONTROL What are the advantages to the participant s control? Ensures the funds are used properly If beneficiary doesn t attend college, a new beneficiary (must be a member of the family) can be named without tax implications. Member of the Family defined: A niece or nephew A first cousin An aunt or uncle A son-in-law, daughter-in-law, fatherin-law, mother-in-law, brother-in-law, or sister-in-law A son or daughter or descendant of either A stepson or stepdaughter A brother or sister The father or mother; or an ancestor of either A stepfather or stepmother

16 FEDERAL TAXATION OF EARNINGS As a participant, you control withdrawals: Qualified: Tax-free Non-qualified: Taxed at the recipient s federal tax rate, plus a 10% penalty Non-qualified with exception: Taxed at the recipient s federal tax rate and no penalty in cases of death, disability, or receipt of scholarship of the beneficiary Rollover: Tax-free if within 60 days

17 PENSION PROTECTION ACT OF 2006 Makes permanent: Tax-free distributions for qualified higher education expenses Simplified and flexible rollover Expansion of room and board expenses Expansion of family members to include first cousins

18 POWER OF TAX-DEFERRAL Example: $5,000 invested annually (from birth) into two accounts after tax. Totals are based upon the sum of after-tax amounts paid out equally in each of the four years of college. This hypothetical illustration does not represent the past or future performance of any actual investment product, including any option in the National College Savings Program. It assumes a $5,000 annual investment made over 18 years with an average annual return of 8% and a federal income tax rate of 27%. Investment returns will fluctuate depending on investments selected. 18

19 OTHER COLLEGE SAVINGS OPTIONS: UGMA/UTMA ACCOUNTS Federal tax treatment of earnings - The Kiddie Tax Beneficiary gains control at age of majority Gifts are irrevocable Broad choice of investments

20 COVERDELL EDUCATION SAVINGS ACCOUNT Annual contribution limit of $2,000 AGI limitations to qualify Qualified withdrawals are federally income tax free Contributions are irrevocable No state income tax deduction

21 EDUCATION SAVINGS VEHICLES Coverdell ESA UGMA/UTMA Taxable Inv. 529 Plan AGI Limit Limits Apply None None None Max Annual Contribution Account Earnings $2,000 *$13,000 None *$65,000 Tax-free for qualified expenses Taxable Taxable Tax-free for qualified expenses Ownership/ Control Change of Beneficiaries Account Owner Beneficiary (at age of majority) Account Owner Yes No Product Specific Account Owner Yes *Higher contributions are permitted but incur federal gift tax. 21

22 Investors should carefully consider the investment objectives, risks, charges and expenses associated with 529 plans before investing. This and other information about 529 plans is available in the issuer's official statement and should be read carefully before investing.

23 Theresa DeBello Branch Operations Manager Toll-Free: Charlotte Gabrich Operations Specialist Toll-Free: Holly Kramer Client Service Associate Toll-Free: Brooke Sparks Client Service Associate Toll-Free: Raymond James & Associates, Inc., member New York Stock Exchange/SIPC 2012 Raymond James & Associates, Inc. member New York Stock Exchange/SIPC

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