Mindy Ying, Senior Vice President, Financial Advisor and Managing Director at Wealth Enhancement Group was featured in The Wall Street Journal’s article “What Is a 529 College Savings Plan?”

529s work well if your primary goal is to pay for a college-bound child or grandchild, says Mindy Ying, a Los Angeles-based financial advisor at Wealth Enhancement Group. As a tax shelter, the plans are ideal for leaving investments undisturbed for many years. Starting early, as with any long-term investment goal, is key to unlocking tax savings. However, Ying adds, 529s do have drawbacks. Most plans give savers only a handful of investment funds to choose from, and the 10% penalty, plus income tax, for non-qualified spending can be a big financial blow.

“Tax savings are great, but they’re not everything,” Ying says. “529 plans come with many strings attached, and it’s OK to make them a smaller part, if at all, of your college planning until you have more clarity.”

Read the full article here.