General Editor: Susan T. Bart
Chapter 1 — Ways To Pay and Save for Higher Education
Cost of education
Ways to make lifetime gifts to minors
Tax and non-tax considerations in making lifetime gifts to minors
Chapter 2 — 529 Savings Accounts
The magic of 529 savings accounts
Statutory and regulatory background
Definitions
Statutory requirements of 529 savings accounts
Chapter 3 — Income Taxation of 529 Savings Accounts
Contributions
Federal income tax exemption
State taxation of accounts
State taxation of qualified distributions
Annuity taxation on nonqualified distributions
Losses
Aggregation of accounts
Federal and state penalties
Income tax abuse
Chapter 4 — Gift Taxation of 529 Savings Accounts
Exclusions from tax
Front loading
Treatment of distributions
Open issues and potential abuses
Chapter 5 — Estate Taxation of 529 Savings Accounts
General provisions
Marital deduction
GST treatment
Estate tax reporting options
Planning
Chapter 6 — Selecting a 529 Program and Establishing a 529 Savings Account
Factors to consider when choosing a 529 program
Enrollment
Requirements and restrictions
Investment options
Sales loads
Fees
Coverdell Education Savings Accounts
Conversion of U.S. savings bonds
Matching grants
Chapter 7 — Using 529 Savings Account Funds
Age and time limits
Qualified withdrawals
Rollovers
Changing investment options
Changing the account owner
Changing the designated beneficiary
Nonqualified distributions
Death of beneficiary
Chapter 8 — Trusts as Account Owners
Trust law issues
Tax issues
Changing the beneficiary
Direct contribution to trust-owned account
Trust as successor account owner
Various types of trusts
Advantages and disadvantages
Chapter 9 — Other Entities as Account Owners
Transfer of UTMA funds to 529 savings account
Executor
Not-for-profit 529 savings account
Corporations
Chapter 10 — Effect on Financial Aid
Sources of financial aid
State-specific provisions
Federal financial aid
State and school financial aid
Trusts
Chapter 11 — Creditors and Medicaid
Creditors' rights
Medicaid qualification
Chapter 12 — Reporting
Types of reporting required
Form 1098-T
Chapter 13 — Regulation of Qualified Tuition Plans
Municipal Securities Rulemaking Board
National Association of Securities Dealers
Securities and Exchange Commission
Chapter 14 — Direct Gifts and Payment of Expenses
Direct gifts
Code §2503(e)
Chapter 15 — Uniform Transfers to Minors Act Accounts
Custodian and beneficiary
Investment and control options
Distributions
Taxation
Financial aid
Choice of law
Creditor protection
Advantages and disadvantages
Conversion of UTMA assets to a §2503(c) trust
Chapter 16 — Section 2503(c) Trusts
Description
Distributions
Taxation
Financial aid
Advantages and disadvantages
Chapter 17 — Crummey Trusts
Description
Distributions
Taxation
Financial aid
Advantages and disadvantages
Crummey trusts for single and multiple beneficiaries compared
Chapter 18 — Non-Crummey Trusts
Description
Distributions
Taxation
Financial aid
Advantages and disadvantages
Chapter 19 — Coverdell Education
Savings
Accounts
Description
Distributions
Qualified educational expenses
Taxation
Coordination with qualified tuition programs
Financial aid
Advantages and disadvantages
Chapter 20 — 529 Plans — Prepaid Tuition
Description
Taxation
Financial aid
Advantages and disadvantages
Chapter 21 — Income Tax Credits and Deductions
Hope Scholarship Credit
Lifetime Learning Credit
Interaction of various programs
Income tax deductions for higher education expenses
Deduction for student loan interest
U.S. savings bonds
Individual retirement accounts
Employer assistance
Schoolteacher deduction
Chapter 22 — Appendix
Statement to accompany reporting of 529 savings account gift on tax return
Sample qualified state tuition program contribution election
Language to include in power of attorney
Sample language for trust
Chart of states with 529 savings account programs
Click here to view our guarantee and shipping policy