TAX2416. Advanced Education Planning: From 529 Plans to Student Loan Forgiveness

Due to the rising costs of higher education and all-time high student loan debt levels, clients from all generations are relying more than ever on advisors to help them navigate the financial complexities associated with the college funding, financial aid, and student loan planning processes. This session will take a deeper dive into the many facets involved in the education planning process and will focus on the tax consequences that arise at almost every stage. From identifying the tax benefits available to individuals and families who are currently saving for college to implementing a distribution strategy for those who are currently paying for qualifying education expenses. This session will also address how tax planning can impact student loan repayment strategies under the various income-driven repayment plans and will discuss the financial and tax implications associated with student loan forgiveness from both federal and state income tax perspectives. In this presentation, Dr. Riskin will share creative education planning strategies you can use with different types of clients across the income and wealth spectrum. In addition, Ross will also cover relevant changes from recently passed and proposed legislation and identify trends so you can stay ahead of the curve for your clients.

Learning Objectives:

• Compare the tax benefits associated with different education savings vehicles and how distributions can be strategically managed to preserve tax-efficiency.
• Recognize the financial and tax implications of Public Service Loan Forgiveness (PSLF) and current income-driven repayment (IDR) programs available to federal student loan borrowers.
• Identify planning strategies that can help individuals and families across all income, wealth, and generational spectrums achieve their education planning goals in the most tax-efficient manner.