For thirty years, parents have raced the clock on rising college costs, using financial tools like 529 plans to start investing from the day their child is born.
But as valuable as these tax-advantaged accounts have been for some families, they also have some very real limitations. For most families, particularly those without an investment advisor or financial planner, they can be a paperwork nightmare. And a 529 account only has one primary use — a college education. Beyond that, there are limited ways to use the saved funds if the child elects not to attend college.
