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College Savings Plans

Let Union Bank and our brokerage subsidiary UnionBanc Investment Services help you save for college. Tax-deferred growth of contributions to 529 College Savings Plans###DISCLAIMER:2_0 529 Plan### or Coverdell Education Savings Accounts, can help you meet the challenge of rising education costs.
 

529 Plans

With no IRS-imposed income restrictions on participation, the 529 College Savings Plan, available through UnionBanc Investment Services, is one of the few income-tax-advantaged programs available for middle- to upper-income families. You and other family members can enjoy important income- and estate-tax benefits###DISCLAIMER:2_0 Tax Advisor - 1### while setting aside significant savings to help you reach your goal:
  • Savings grow tax-deferred, and qualified withdrawals are free of federal income tax. Non-qualified withdrawals are subject to federal income taxes.###DISCLAIMER:2_0 College Savings Plans### 
  • Contributions from parents, grandparents, other relatives, even friends can be excludable for federal gift- and estate-tax purposes###DISCLAIMER:2_0 Combined Contributions### 
  • If having a high income has prevented you from taking advantage of tax-favored plans in the past, you'll find 529 plans are an appealing solution
  • You can contribute annually up to $13,000 per account for individuals, or $26,000 if married or making joint contributions. You can also accelerate five years’ worth of gift-tax exclusions upfront for $65,000, or $130,000 if married.
  • High maximum contribution limits (starting at over $300,000) let you quickly accumulate substantial tax-deferred savings
  • Choose from a menu of professionally managed investment portfolios
  • Although plans are state-sponsored and there may be benefits from choosing a plan within your state of residence, there are no restrictions on residency or choice of accredited colleges.###DISCLAIMER:2_0 529 Plan###
  • Use plan funds for a variety of education expenses at accredited institutions nationwide
  • Funds may be used to educate another family member if a child doesn't go to college
Before investing in a 529 plan, you should carefully consider the fund's investment objectives, risks, charges, and expenses. For a prospectus containing this and other information, as well as an Official Statement, contact your Financial Advisor or call
1-877-634-3890. 
 

Coverdell Education Savings Accounts

These tax-advantaged savings accounts, available through Union Bank###DISCLAIMER:2_0 UBIS Bank Products FDIC Insured###, and brokerage accounts, available through UnionBanc Investment Services, also let you bolster your college savings plan. You can contribute up to a maximum $2,000 per year per child (subject to IRS-imposed income restrictions):  
  • Savings grow tax-deferred, and qualified withdrawals can be tax-free
  • You direct how your savings will be invested
  • Use savings for qualified elementary and secondary education expenses, as well as for college
  • You may transfer unused funds to another family member
  • There is no set-up or annual fee

What Are Your Education Goals?

A Financial Advisor at UnionBanc Investment Services can help you explore your options and set up a Union Bank 529 plan or Coverdell account or both to fit your needs. Visit the Investment Center in your nearest Union Bank branch or call 1-877-634-3890.
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