529 Plans

A 529 plan is a tax-advantaged savings plan designed to encourage families to save for college. 529 plans offer many benefits, including tax-free earnings and tax-exempt distributions as long as they are applied toward qualified education expenses.

Additional benefits of 529 plans include:

  • Account owners maintain control of the account and there are no income limitations.
  • Anyone who has reached the age of majority may open an account and anyone may contribute to a beneficiary’s account (grandparents, aunts, uncles, friends.)
  • Account owners may change a beneficiary to another eligible family member or to themselves if the beneficiary does not continue with higher education.
  • Distributions must be used for qualified higher education expenses (tuition, fees, room, board, books, equipment and supplies) at any eligible educational institution nationwide including colleges, universities, graduate schools and trade schools.

Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax-free. Tax treatment at the state level may vary. Please consult with your tax adviser before investing.

Clear Mountain Investments offers 529 plans and other college financial planning products. For more information, contact Clear Mountain Investments.

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA / SIPC. Insurance products offered through LPL Financial or its licensed affiliates. Clear Mountain Bank and Clear Mountain Investments are not registered broker/dealers and are not affiliated with LPL Financial.

The investment products sold through LPL Financial are not insured Clear Mountain Bank deposits and are not FDIC insured. These products are not obligations of the Clear Mountain Bank and are not endorsed, recommended or guaranteed by Clear Mountain Bank or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: WV, MD, PA, VA, OH, CT, FL, GA, IN, NC, NJ, SC, and WA.


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