529 vs UTMA: Which Plan Should I Choose?

[@DistrictCapital]

Skip Ahead Here! 0:00 - 529 vs UTMA 0:33 - What is a 529 plan? 1:05 - What is a UTMA? 1:52 - What are the key differences between a 529 vs UTMA? 1:58 - 1. Account ownership 2:45 - 2. Financial aid 3:31 - 3. Qualified expenses 4:43 - 4. Taxes 6:07 - 5. Gift Tax 7:49 - 6. Investment options and contribution limits 9:21 - Should I choose a 529 plan or a UTMA? 10:08 - Can I have both a UTMA and 529?

[@junbenito8623]

What if my child wants to go to other state for college? Will 529 be still better than utma regarding college.

[@DistrictCapital]

@junbenito8623 When it comes to saving for college, a 529 plan stands out as a top choice. What makes it particularly advantageous is its flexibility-it can be utilized in any state, regardless of where you initially open the account. This versatility makes managing educational expenses more seamless and convenient. If you have any further questions or need guidance on optimizing your college savings strategy, feel free to reach out. Thanks!

[@DistrictCapital]

Are you trying to decide which account you should open for your child(ren)?