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NextGen College Planning
We now offer NextGen College Financial Planning! NextGen, a tax code 529 plan is designed for anyone in the US to invest in higher education. The state of Maine has arranged for residents to use the plan through the Finance Authority of Maine. Sponsors (parents, grandparents, relatives, or family friends) can contribute as little as $50/month into the plan with up to $250,000 per beneficiary for a child, grandchild, step-child, etc. The plan allows for Federal income tax-free earnings on contributions. Large sums can be invested per child, and up to $50,000 can be gifted without having to file taxes. The money is invested in Mutual Funds and you can leave the assets in the plan (there are no age restrictions), change the beneficiary to another member of the same family, and make non-qualified withdrawals with a 10% penalty on the earnings portion of the withdrawal. AND, if you have an adjusted gross income of $50,000 or less and open a NextGen account, NextGen will add a $200 grant to the account. Contact us and find out how you can invest in a child's future!
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