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Looking for a last minute gift for that special kid?

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Brenda EcheverriaWhy not open up a 529 college savings account on a child's behalf for a meaningful holiday gift?

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.

Although contributions are not deductible on your federal tax return, any investment earnings can grow tax-deferred, and distributions to pay for the beneficiary’s college costs come out federally tax-free. If you're a Wisconsin resident, contributions reduce Wisconsin taxable income up to a maximum of $3,100 per year, per beneficiary for each tax year. Contributions to Edvest may also reduce the taxable value of your estate. See the "Tax Advantages" section at EdVest for more information.

To make gifting really easy, you can purchase an Edvest “Gift of College” gift card. You can choose to have a physical card delivered or get an instant link sent via text or email. There is no expiration date for redeeming the funds. Learn more about giving the gift of education at Edvest.com.

Brenda Echeverria, Financial Planner