What If Bill Gates Used My529? How the Billionaire Would Save for College Bill Gates, a man whose name is synonymous with massive wealth and strategic philanthropy, is hardly the average college saver. With a net worth measured in the hundreds of billions, the cost of a Harvard education for his children is, well, pocket change. So, why would a billionaire like Bill Gates bother with a state-sponsored, tax-advantaged college savings plan like My529? The answer lies not in paying for tuition, but in leveraging the 529 plan's hidden power as a sophisticated tool for wealth transfer and tax-efficient estate planning. This is the advanced playbook for using a My529 plan—a strategy focused on maximizing tax exclusion and long-term generational wealth. Strategy 1: The "Superfunding" Estate Blitz For most families, the main benefit of a 529 is tax-free growth. For a billionaire, the most valuable feature is the ability to instantly and massively reduce their taxable estate, than...

Unlocking the Value of Your My529: A Guide to Qualified Education Expenses The My529 plan (Utah Educational Savings Plan) is a powerful tool for funding education, offering tax-advantaged growth on your savings. But as your student gets closer to college—or even elementary or secondary school—it’s vital to understand exactly what counts as a "Qualified Education Expense" (QEE) to ensure your withdrawals remain federal-tax-free. Using your funds for non-qualified expenses can subject the earnings portion of your withdrawal to both income tax and a 10% federal penalty, so let's break down the rules for utilizing your My529 savings. 🎓 Higher Education Expenses (College, University, Trade School) The most common use for your My529 savings is for post-secondary education. Here's what qualifies at an eligible educational institution —which generally means any school (including colleges, universities, and vocational schools) eligible to participate in a U.S. Department of E...