• Bio

Manya Deva Natan

Manya Deva Natan is a California Bar Certified attorney with the law firm of SSS Legal & Consultancy Services located in Calabasas, CA. Her practice focuses on International Estates, Trusts and Estates, Asset Protection, Trust Administration, and more. Manya received her law degree from Stanford University, as well as a Master's in International Affairs from Columbia University. She has completed extensive course-work and training in the areas of mental, physical, and emotional health, including being a published author. She is the founder of two publishing-based companies related to health and wellness and has particular interest in the legal and financial components of health and their importance in integrated health. She has appeared multiple times on Good Morning America and is regularly contacted by national media outlets for commentary.

Providing for grandchildren’s college expenses is becoming an important estate planning goal for many families. Many people see it as one of the best ways to contribute to the overall health of future generations. 529 college savings plans are a very useful tool to accomplish this goal, but only if you know what they are and do not have misconceptions about them.

529 savings plans are very simple investment tools. However, they are very powerful tools, too. Done right they can help one person provide funds for someone else to afford higher education, oftentimes parents or grandparents helping their younger family members.

These savings plans are an important part of many modern estate plans as they provide the necessary education funds when they are needed. Nevertheless, many people have many misunderstandings about these plans.

The list of misconceptions includes:

• Am I limited to my own state’s plan? – 529 plans are administered by the states. However, you do not have to use your state’s plan. You can use any state’s plan that best suits your needs.

• Is my income too high to contribute? – While some college savings plans do have income limits, 529 plans do not.

• Is my money lost if my child does not use it? – If the intended beneficiary of the plan does not use the money because they do not go to school or receive scholarships, the plan can be transferred to another beneficiary without penalty.

• Is the money only good for four-year schools? – The money in 529 plans can be used for any postsecondary education.

• Must my beneficiary be below a certain age? – There are no age limits on 529 plans.

• Will the plan hurt my beneficiary’s financial aid eligibility? – This can be true in some cases as the rules for financial aid are complicated. However, they can be worked around.

If you would like to make a 529 plan part of your estate plan, contact an experienced estate planning attorney to talk about it.

These plans might benefit your family and be better than other ways to provide for the education of younger family members.