529 plans: Not just for college

As families increasingly turn to 529 plans for education savings, financial advisors should be aware of their expanding utility beyond just college tuition. Despite many families still being unaware of these benefits, 529 plans can now cover costs for K-12 education, vocational training, and apprenticeship programs.

With the rising demand for skilled trades and technical careers, this flexibility offers significant opportunities for students pursuing non-traditional educational paths. Additionally, recent changes allow unused funds to be transferred to a Roth IRA or other family members' accounts without penalty, providing further strategic options in managing excess savings.

Advisors are encouraged to guide clients through these developments to optimize educational investments within broader financial planning strategies.