As college costs continue to rise, more parents and grandparents are looking into ways to save for their children’s education. But with the potential for taxes and penalties, is a 529 plan the right choice?

In this episode, Austyn Whittenburg talks with Rick Gallacher, CFP®, to discuss how you can start helping your kids save money for college with a college savings plan. When used right, you are able to use the money tax free on almost everything school related.

Rick discusses:

• Options for paying for college
• What you can use 529 funds for
• How the family legacy pyramid works
• Pros and cons of college savings plans
• And more

Connect with Austyn Whittenburg:

• (801) 839-7056
• austyn@whittenburgwealth.com
• Schedule A Meeting With Austyn
• LinkedIn: Austyn Whittenburg 
• Whittenburg Wealth Partners
• Twitter: Whittenburg Wealth

Connect with Rick Gallacher:

• (801) 839-7057
• rick@whittenburgwealth.com
• LinkedIn: Rick Gallacher

About Our Guest:

Rick Gallacher has experience in the areas of financial modeling, asset allocation, investment selection, estate planning, personal risk management, holistic situation auditing and personal financial reporting. As a licensed CPA, he has proficiency in understanding and applying analysis to the overall economy, capital markets, corporate fundamentals, personal taxation and essential business law.

Prior to investing in 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors 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 advisor before investing.

Austyn Whittenburg, Rick Gallacher, Whittenburg Wealth Partners, and LPL Financial do not offer tax advice or services.

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