You want the best for your kids. You have hopes and dreams of what they might be able to achieve, and you would do anything to help them get there.
You’ll start with teaching them manners and how to cross the street safely, of course, but it’s also never too soon to start setting money aside for a college education. It seems to get more expensive each year, so investing now, even in small amounts, can make a big difference.
College Funding Options to Consider:
529 Plan: A tax-advantaged education savings plan in which the account owner selects investment options to invest in. These assets can then be used to pay for qualified education expenses at any eligible educational institution.
Coverdell Education Savings Account (ESA): If your modified adjusted growth income is less than $110,000 ($220,000 if filing a join return), you may be able to establish a Coverdell ESA to pay for the qualified education expense of a designated beneficiary.
Uniform Transfer to Minor’s Act (UTMA): A UTMA account is a common way to provide assets and/or securities for the benefit of a minor. Anyone can contribute to a UTMA account, and while the money can be used for education expenses, it does not have to be.
Plan now for your child’s next phase in life by saving now for their education. We can help you get started.
2/12/2020 6:00:00 AMIn December of 2019 the SECURE Act was enacted, altering some of the restrictions and opportunities surrounding the way people save for retirement. Here are some of the ways The SECURE Act may impact your retirement, tax, and estate planning strategies. Read Article: The SECURE Act and Your Retirement Savings »