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Give the perfect holiday gift: All you have to do is open it

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Brenda EcheverriaLooking for a great gift idea for that special kid? How about opening up a 529 college savings account on a child's behalf? A 529 is a tax-advantaged savings plan offered by a state that makes it easier to save for college or other post-secondary education. Wisconsin’s plan is called Edvest.

If you enroll before December 31 this year, you can take advantage of the Wisconsin state tax deadline.

  • Contributions and earnings used to pay for qualified higher education expenses are federal and Wisconsin income tax-free.
  • If you are a Wisconsin taxpayer, your contributions to Edvest reduce Wisconsin taxable income up to a maximum of $3,000 per beneficiary per year.
  • Contributions to Edvest may reduce the taxable value of your estate. See the "Tax Advantages" page at EdVest for more information.

Even better, EdVest makes it easy to set up an e-Gifting service where there are no checks to be mailed or deposited. Plus, Edvest provides a Gift of Education Certificate to symbolize your gift—wrap it, frame it, or place it in a card! To learn more, visit EdVest.com.

Brenda Echeverria, Financial Planner

This blog post is for informational purposes only and not intended to be legal or tax advice. Consult your tax advisor or attorney before taking any action.