ASC Trust Corporation has been selected by the government of Guam to be a provider of the Guam College Savings Program. This program is designed after Section 529 of the Internal Revenue Code. Under the Guam College Savings Program, an eligible person is able to open an account for the benefit of a minor to use for higher education expenses. Contributions made to the account are tax-deferred and, when distributed for education purposes, withdrawals are tax-free. Given inflation and the rising cost of education, there is no better time to start saving for your child's college education than now. ASC invites you to take advantage of this important program.
What is a 529 plan?
Created by Internal Revenue Code Section 529, these plans are designed to help individuals meet the rising cost of higher education.
Initially, Guam residents had to open 529 accounts with a provider on the U.S. mainland, and the accounts were subject to that states tax laws.
Effective January 2008, the 529 Guam College Savings Program was signed into allowing Guam residents to invest under Guam’s tax laws.