Many Washington parents find it beneficial to invest in a college saving plan as early as possible. If you haven’t taken the time to begin planning for your child’s college education, now is a good time to do so. Luckily, the state of Washington makes it easy with their college savings plan. Take a look at some of the information below to learn more. If you have any questions about starting a college savings plan, meet with an estate planning attorney to discuss your options.
The state of Washington offers a 529 college plan called Guaranteed Education Tuition or GET. This plan has been in existence since 1998 and has offered a way for many Washington families to pay for the costs of college.
How does the GET plan work?
With this plan, you’re able to purchase units that help to pay for the costs of a college education. A unit cost is determined each year, and may change. Each unit is worth 1% of the resident tuition at the highest priced Washington public state school, but credits can be used at any eligible institution in the US.
There are several payment plans available that help to make it easier to save. This includes purchasing units whenever you have the money to do so and also a custom monthly plan that allows you to purchase units on a monthly basis for as long as needed.
You’re able to purchase a maximum of 500 units, or $58,500.
What are some of the benefits of the GET plan?
This plan has many benefits. For one, you’re able to save for college at your own pace.
Another benefit is the fact that the state of Washington guarantees that your account will increase in value when the costs of tuition also increase. You won’t have to worry about losing money in this investment.
The money that you invest will grow tax-free and you also won’t have to pay taxes on your qualifying college education expense withdrawals.
This plan is a great way to get started with your college savings goals. Help your child by saving for the costs of education! If you have any questions about your college savings plan needs, consult with a qualified estate planning attorney.
Byrd : Garrett, PLLC is a member of the American Academy of Estate Planning Attorneys.