Imagine your child coming to you with an acceptance letter from “the” college. The one they’ve been dreaming about all through high school and perfectly matches their career aspirations. Perhaps it’s even your own alma mater.
Now imagine that scenario knowing you’ve done your homework, too. You have the resources to afford the college of choice.
We can help you plan for school funds by using tools such as:
- 529 Plan – allows for the prepayment of qualified higher education expenses at eligible educational institutions.
- Coverdell ESA (Educational Savings Account) – an investment vehicle designed to help parents fund their child’s education. Contributions are taxed, but earnings used to pay education expenses are not. The account is transferrable among family members.
- UTMA (Uniform Transfers to Minor’s Act) – most often refers to an account set up to hold assets for a minor. Investing through a UTMA account often has a sizable tax benefit over investing in a parent’s name.
We can help you understand the difference between these financial tools and identify a prudent plan for your financial goals.