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529 COLLEGE SAVINGS

529 College Savings Plan Advantages

Paying for a child’s or grandchild’s college education is an expensive proposition, even for families that have saved diligently in pursuit of their goal. The 529 plan is a tax-advantaged investment vehicle that offers both college funding and estate planning benefits1.

College savings plans that let you choose from a menu of investments and offer more return potential, as well as risk.

Plans are generally sponsored by a state government and administered by one or more investment companies. Contributions are made on an after-tax basis, but withdrawals used for qualified undergraduate or graduate school expenses are federal income tax-free. Withdrawals for other purposes are subject to ordinary income taxes, a 10 percent federal penalty tax and possible state taxes. Eligibility to contribute is not limited by age or income, and total contribution limits often exceed $200,0002.

Contact Us

EMAIL: WFSOperationsTeam@woodmen.org
CALL: 1-877-664-3332
MAIL: Woodmen Financial Services, Inc.
1700 Farnam Street, Suite 600
Omaha, NE 68102-2015

Investments are available through Woodmen Financial Services, Inc. (WFS). Visit our About page to learn more and access the Regulation Best Interest Disclosure and the Customer Relationship Summary.

ABOUT WFS

Estate Planning Potential

529 plans can support a long-term gifting strategy while providing significant control over assets that have been removed from a taxable estate. Tax rules permit individuals to give $16,000 to as many individuals as they choose each year without triggering the need to file a federal gift tax form.

Consult your WoodmenLife Financial Representative3 and an estate planning specialist or professional tax advisor to determine the best strategy on how a 529 plan may help you pay for college expenses while also complementing your estate planning goals.

Investors should carefully think about plan investment goals, risks, charges, and expenses before investing. Be sure to consider whether your or your beneficiary’s home state offers benefits that are only available for residents who participate in its qualified tuition program. By investing in a 529 plan outside of the state in which you pay taxes, you may lose the tax benefits offered by that state’s plan.

Answers to Your 529 College Savings Plans

With so many choices available in 529 College Savings Plans, and so many differences among plans, you’re likely to have questions about how specific features relate to your situation.

Connect with WoodmenLife

Your WoodmenLife Financial Representative can also assist you with any questions you may have about 529 plans.

Disclosures

  1. The availability of tax or other benefits may be conditioned on meeting certain requirements, such as residency, purpose for or timing of distributions or other factors.

  2. By investing in a 529 plan outside of your state of residence, you may lose any state tax benefits. Non-qualified withdrawals are subject to federal and state income tax and a 10% penalty. 529 plans are subject to enrollment, maintenance, management fees and expenses. Contact your tax advisor for details.

  3. WoodmenLife, its employees and Representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

WEB60 - 1/11/2022

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© 2022 Woodmen of the World Life Insurance Society
Omaha, Nebraska

This is a solicitation of insurance and an agent may contact you.

Securities are offered through Woodmen Financial Services, Inc. (WFS), 1700 Farnam Street, Omaha, NE 68102, 877-664-3332, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with WoodmenLife. This material is intended for general use with the public. WFS is not providing investment advice for any individual or any individual situation, and you should not look to this material for any investment advice. WFS has financial interests that are served by the sale of these products or services.

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