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Education Savings

Education 529

A 529 college savings plan lets you save money for a child's college or graduate school education in an individual investment account. Anyone open an account with a particular plan and name someone as beneficiary. The beneficiary does not need to be related to you. The person who opens the account is maintains control of the account, unlike a UTMA.

  • Contributions grow tax deferred
  • Withdrawals used for the beneficiary's qualified education expenses are federal income tax free
  • Contributions receive favorable federal gift and estate tax treatment
  • Funds can be used at virtually any college
  • Participation is not restricted by income level
  • Total lifetime contributions limits are high
  • Professional money management

For more information, click this link: http://www.irs.gov/newsroom/article/0,,id=213043,00.html

Coverdell Education Savings Accounts

A Coverdell Education Savings Account (ESA) offers a way to save for a child's education — from elementary/secondary all the way up to post-graduate studies — with tax-free earnings until funds are distributed.

  • ANB sets up ESA offerings as a one-year IRA
  • $2,000 per year maximum contribution
  • After the child is 18 years old, you can no longer make contributions to this account
  • The money must be used strictly for qualified educational expenses
  • There are limits on the amount that any individual can contribute for any one designated beneficiary for each year

For more information on Coverdell Education Savings Accounts, please click here.

Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC, an independent broker/dealer, and are:

  • Not deposits
  • Not insured by FDIC or any other government agency
  • Not guaranteed by the financial institution
  • Subject to risk, may lose value
  • Unless otherwise indicated, investment products offered through Amarillo National Bank are subject to risks.
  • IRA's are insured by FDIC, if invested in the form of a CD in an FDIC member bank.

Amarillo National Bank and Raymond James Financial Services are independent entities.

Raymond James financial advisor may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability.

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