A friend of mine at work who had baby 2.0 this Spring told me he had done a LOT of work researching different college savings plans for kids and that the best one he found happened to be called, "The Utah Plan". He's not LDS but is Libertarian and thought it pretty funny that the Mormons know how best to manage money for kids. :)
Anyway, I did some research myself and called our long-term financial advisor about it. Northwestern Mutual doesn't sell it, but he did highly recommend it and said it's definitely the best out there.
The sign-up was incredibly easy - completely Web 2.0 and the management tools feel more like GMail or Netflix than a bank account. Very slick.
So, we've just invested the money from Cheryl for Kelsie - decent timing. I could probably have waited until Jan to get a better deal, but eh. 18 years from now, it won't really matter much.
Give it a look over - just passing on the info that I found valuable. YMMV
http://www.uesp.org/
Established 2001. Kurt, Rachel, Logan, Kelsie,Avri, & Emi.
4 comments:
So if you use the Utah plan but live in CA are you subject to CA taxes on your contributions or $ earned off the investment?
I think this answers the question, but you should check with your tax planner:
http://www.uesp.org/faq01.html#q4
As far as California goes, we're pretty much stuck with taxes no matter where we get 529s. From Kiplinger.com:
California doesn't offer a state income-tax deduction for contributions to an in-state 529 plan, so pick the plan that's best for you.
More here:
http://www.kiplinger.com/features/archives/2009/06/best-529-plans.html
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