I am looking for any advice on 529 plans. I consider myself somewhat knowledgeable in the investing space, but doing research on 529 plans is making my head explode.
I have a newborn, which his grandparents gifted him (us) $10K to start a 529. I live in CA and the state sponsored plan doesn’t seem to offer any tax benefits for CA residents. As far as I know (and because of the lack of tax benefits) I can (and should?) open a 529 through any state sponsored plan (AZ, NY, TX etc) or go for a private plan offered through a investment firm (Merrill Edge is only one I’ve looked into)
I don’t know what I don’t know. Is there anything I should be aware of when choosing one or are they all pretty much the same? I really can’t tell if any are actively managed or passively managed with various funds. Is there even a reason to go with a state plan over and investment firm as you could be at the whim of the State legislature and politics. With so many different options it can be a rabbit hole. Thanks in advance.
Submitted July 06, 2023 at 04:58AM by AZ-Wildcat87 https://ift.tt/C8hfcyd
