If you’re living in Florida and thinking about saving for your child’s education, chances are you’ve heard of a 529 college savings plan. These plans are super flexible, offer big tax benefits, and come with investment choices that can really help your money grow over time.

But what makes them different in Florida? And what if your child doesn’t go to college? Can you switch beneficiaries? Let’s break it all down for you.

And if you want personalized advice, the team at Manna Wealth Management Florida—led by David Kassir—can help you build a strategy that works for your family’s goals.

Tax Benefits of 529 Plans in Florida

Let’s start with the big one: Are there tax benefits to having a 529 plan in Florida?
The short answer: Absolutely, yes. But here’s how it works:

✅ Federal Tax-Free Growth

When you invest in a 529 plan, the money grows tax-free. That means you don’t pay taxes on the earnings—as long as you use the money for qualified education expenses like tuition, books, or even a laptop.

✅ Tax-Free Withdrawals

When it’s time to pay for school, you don’t pay taxes when you take the money out, either. Again, that’s only if you use it for approved education expenses.

No State Tax Deduction in Florida (But That’s Okay!)

Florida doesn’t have a state income tax, so there’s no extra deduction for contributions. But here’s the good news: since there’s no income tax in Florida, you’re already ahead compared to families in higher-tax states. You still get all the federal tax advantages, which are huge.

How Do 529 Plan Investment Options Compare?

529 plans aren’t just savings accounts—they’re investment accounts. That’s what makes them powerful. But how do you choose the right investment?

Here’s what to look for:

1. Age-Based Portfolios

These are the most popular—and for good reason. The portfolio adjusts automatically as your child gets older.

• Younger kids = more aggressive investments (stocks)
• Closer to college = more conservative (bonds/cash)
  This is ideal for busy parents who want a “set it and forget it” plan.

2. Risk-Based Portfolios

You pick the level of risk—conservative, moderate, or aggressive—and it stays that way over time.
Good if you want a little more control without constant changes.

3. Custom Options (DIY Investing)

Some plans let you pick and mix specific mutual funds or ETFs.
This is best for experienced investors—or if you’re working with a financial advisor like David Kassir who can guide your choices based on your long-term plan.

 Which Plan Is Best for Florida Families?

Florida offers the Florida 529 Savings Plan, which has low fees and solid investment options. But you can also use plans from other states—and sometimes they offer even better investment tools.

Tip: Let Manna Wealth Management help you compare plans and choose what’s right for you.

Can You Change the Beneficiary on a 529 Plan?

Yes—you absolutely can change the beneficiary, and it’s one of the best features of the 529 plan. Here’s how it works:

✅ Who Can Be the New Beneficiary?

You can change the beneficiary to another qualified family member, including:

• A sibling or step-sibling
• A cousin
• A niece or nephew
• Even yourself or your spouse!

This is perfect if:

• One child gets a scholarship or doesn’t use all the money
• You want to support another child or grandchild later
• You decide to go back to school yourself!

What to Avoid

If you change the beneficiary to someone not in the same family, the IRS may treat it as a taxable gift, and you could lose the tax benefits.

Always check the rules before switching. And if you’re unsure, working with a financial advisor (like the team at Manna) can help you avoid costly mistakes.

Final Thoughts: 529 Plans Are Flexible, Smart, and Worth It

Whether you’re just getting started or already investing, 529 plans are one of the most powerful tools Florida families can use to save for education and grow their wealth tax-free.

Let’s recap:

• Do 529 plans earn interest? Yes—they grow through investments.
• Can you have multiple 529 plans? Yes—parents, grandparents, and others can each open accounts.
• Can a child have multiple 529 plans? Definitely—just coordinate them to avoid overfunding.
• Can you change the beneficiary? Absolutely—just stick to qualified family members.

If you want help navigating all of this, check out David Kassir and talk to the experts at Manna Wealth Management Florida. They’ll help you make smart moves that give your kids (or grandkids) the future they deserve.