529 Savings Plan

Consider your state of residence before investing in a 529 Savings Plan. Some states may offer 529 Savings Plans with state tax benefits or other benefits only available to residents of that state. For gift tax purposes, contributions up to an amount determined by the IRS per person can be pro-rated over five years. Discuss gift tax or estate tax exclusions with your tax advisor. Alerus does not provide legal or tax advice. Please consult your legal or tax advisor, to determine how this information may apply to your own situation.