College expenses have increased dramatically over the last 30 years. Today, it is more important than ever to have an accurate plan for your children’s educational expenses. In fact, with the cost of education continuing to rise year after year, it is never too early to begin the conversation. We’re here to assist you in making an informed decision regarding what’s best for your family.
We can help you prepare for your children’s education
College Savings Plans are tax-advantaged plans sponsored by states, state agency or educational institutions. There are two types of 529 plans: pre-paid plans and college saving plans. Learn more from the U.S. Securities and Exchange Commission here.
Other tax-advantaged ways to save for college include Coverdell education savings accounts, Uniform Gifts to Minors Act (“UGMA”) accounts, and Uniform Transfers to Minors Act (“UTMA”) accounts.
Ask your financial advisor to explain the differences between each account; your child’s eligibility and financial aid could be affected.