529 plans not only help people save for their children's college educations, but they also keep people from raiding their retirement savings or other savings accounts to pay those expenses.
These types of plans are offered nationally and in all 50 states. Just like a retirement plan, a 529 allows individuals to set aside money, pre-tax, to be used for educational purposes. Many corporations now offer 529 plans as part of their overall benefits packages.
Legg Mason Global Asset Allocation (LMGAA) is a money management subsidiary of Legg Mason, which had $632 billion in assets under management as of June 30, 2011. LMGAA manages and advises $8.5 billion in assets as of March 31, 2012, and, as part of that, offers Scholars Choice, an advisor-sold 529 plan, which is managed by College Invest in Colorado.
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