Dan Yu, managing director in EisnerAmper’s Wealth Advisors practice, was a featured guest on Fox Business News’ The Tom Sullivan Show discussing the merits of tax free college savings plans. “I’m a big fan of 529 plans”, he said, using the IRS shorthand for the popular plans. “Parents can and should start as early as possible. Earnings are tax exempt if used for almost any qualified college expense.” Dan points out that even grandchildren can be beneficiaries.

529 plans are extraordinarily flexible and can be filed in every state as they all offer the same federal tax benefits. Dan made the points that it is important for filers to do some research and screen for performance. Dan recommends www.savingforcollege.com as a good site to start to do the necessary due diligence, “We use this site ourselves”, he states.