Putting money into a 529 plan for a family member or loved one’s education can help them get an education. The account builds interest and can be withdrawn tax-free when needed for college expenses. Any unused funds can be rolled over later into a retirement plan.
Although the 529 fund originally was for college costs, it later included K–12 and apprenticeship programs. You can purchase 529 plans from the state, a financial advisor, or a broker.
