Weston Patrick, P.A.

A Professional Association Since 1897

Tax-Advantaged Investments

The Tax-Advantaged Investments Practice Group at Weston Patrick focuses on solving the legal issues confronting Plan managers, broker-dealers, investment advisors, transfer agents, administrators, and state sponsors of Section 529 college savings plans and prepaid tuition plans, and Section 529A ABLE Plans for eligible persons with disabilities.

  • We advise on a broad range of issues involving Section 529 Plans and Section 529A ABLE Plans including securities law, tax law, contracting, regulatory, and other applicable legal requirements. We have the requisite expertise to represent a broad cross-section of the Section 529 college savings and prepaid tuition plan industry, including state sponsors responsible for the development and oversight of the programs, financial services firms in their roles as program managers, and other service providers.
  • Our team has assisted program managers, state sponsors, primary distributors, broker-dealers, and investment advisors in structuring Section 529 college savings plans and prepaid tuition plans, and Section 529A ABLE Plans under the Internal Revenue Code) in a manner that meets applicable securities and tax law requirements. For example, program management agreements and subcontracts need to be customized to comply with federal tax and securities statutes, relevant state statues, MSRB rules, and individual state program requirements, as well as to the applicable distribution channel (direct-sold or advisor-sold).
  • We have extensive experience in guiding clients through the 529 and 529A regulatory maze, and in drafting the required contracts between the state sponsor and the 529 and 529A Plan managers, as well as between the 529 and 529A Plan managers and third-party subcontractors, both for original programs and for modifications of those programs after successful re-bids.
  • Our team also provides advice on the federal securities, tax, and enabling laws and regulations (FINRA/MSRB/IRS) applicable to state sponsors of 529 and 529A savings plans, program managers, investment managers, and broker-dealers participating in the 529 and 529A plan marketplaces.
  • We also have extensive experience with the drafting and review of Section 529 and 529A offering documents and marketing materials.

updated: 1 year ago

Each attorney in this association is an independent professional who is not responsible for the practice or liability of any other attorney in the association except for those directly employed by or practicing in partnership with that attorney.