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*The current (2019) Annual Gift Tax Exclusion amount is $15,000.**In any year during which your 529 contributions for a particular beneficiary exceed the Annual Gift Tax Exclusion amount, you may make an election on Form 709 to spread the contributions ratably over five years (20% per year) for gift-tax purposes. This permits frontloading of up to $75,000 (in 2018) per beneficiary (or $150,000 for a married couple) into a 529 plan without generating a taxable gift, assuming no other gifts to that beneficiary are made during the five calendar-year period. If you make the five-year election and die before the fifth calendar year, the contributions allocated to the years after your death are included in your taxable estate.

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*Source: Internal Revenue Code 529(c)(2)(B).

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*For contributions made more than a year, but less than two years, the first $5,000 contributed is kept out of the estate, and any contributions made during the last year will be included in the estate. The exclusions also depend on the beneficiary having specific familial relationships to the settlor and the contributions being within the allowed 529 limits.

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*Colorado law is intended to exempt Accounts and Account assets from all claims by creditors of the Account Owner or Beneficiary. However, Colorado law does not exempt Accounts and Account assets from tax levy, garnishment, attachment or similar orders from the IRS. It is important to note that whether a non-Colorado resident can rely on the creditor protection laws of Colorado, is an issue that has yet to be tested in the courts. **For contributions made more than a year, but less than two years, the first $5,000 contributed is kept out of the estate, and any contributions made during the last year will be included in the estate. The exclusions also depend on the beneficiary having specific familial relationships to the settlor and the contributions being within the allowed 529 limits.

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1. Total current balance of cash, savings and checking accounts; net worth of investments, including real estate, excluding the home in which parents and student live; net worth of parent and student current businesses and/or investment farms, excluding family farms or businesses with 100 or fewer full-time or full-time equivalent employees. Net worth means current value minus debt. Source: FAFSA, 2019.

2. Income includes the adjusted gross income from the parents‘ and students’ Forms 1040 along with certain other items representing untaxed income and benefits (e.g., untaxed portions of IRA distributions and veteran on-education benefits, such as disability). Source: FAFSA, 2019.