Planning For Your Child’s Future
“An investment in knowledge always pays the best interest.” – Benjamin Franklin
Supporting a child’s education can be one of the most rewarding aspects of success. It is also one of the most important elements in your financial plan. As Doug, our founder, was a former college financial aid officer, we have the knowledge and experience to help you with your college savings.
With rising inflation and the high cost of education, planning to contribute to another’s higher education may require an early start.
There are a variety of investment vehicles and tax-efficient options we can use to save for higher education.
As your trusted partners, our knowledge and professional guidance can help you analyze the tax benefits, ownership structure, risk and contribution limits involved with these plans. We can even help guide what to do with your leftover education funds if your aspiring academic earns a scholarship.
Based on the cost of education, planning to contribute to a child’s higher education may require an early start.
529 College Savings Plan
When you invest in potential, you’ll do more than help make the dream of education possible for a student in your life. You could provide the inspiration for a legacy of higher learning that’s passed on for generations to come. What’s more, the funds you contribute have the ability to grow tax-deferred, and eventually be withdrawn, tax-free. 1
Working together, we choose the investment strategy that is right for you and your student, keeping in mind that generous contribution limits do exist, regardless of income level.
UGMA/UTMA Custodial Accounts
Although UGMA and UTMA accounts are not designed specifically for college savings, they offer advantages including multiple investment options, limited tax benefits and the ability for a parent to transfer assets to a child without needing to establish a more costly trust. However, contributions to the accounts are irrevocable and parents lose control of the funds when the child becomes 18 – 21 – an age that may vary by state. We help you navigate these considerations, providing solutions tailored to your funding needs.
“Giving the gift of greater opportunity by supporting a child’s education can be one of the most rewarding aspects of success and one of the most important elements in your financial plan.”
Giving the gift of greater opportunity by supporting a child’s education can be one of the most rewarding aspects of success and one of the most important elements in your financial plan.