One of the greatest gifts you can pass on to your children or grandchildren is the gift of higher education. It is common knowledge that college tuition and costs are rising faster than ever. The increasing price tag on college is coupled with the growing trend of fiscal restraint which likely will result in less federal and state financial aid available to students. Now more than ever, it is important to plan and save for your child's or grandchild's education. We will help you to calculate what you need to save as well as what savings vehicle you need to use to accomplish your goals.
529 College Savings Plan
The most popular vehicle of saving for higher education is a 529 college savings plan.
The plan is invested according to your objectives and contributions and earnings grow free from federal income tax. Withdrawals are also free from federal income tax if used to pay for college expenses such as tuition, fees, room, board and books. There are maximum contribution limits which can vary, but there is no income limit. Assets can be transferred between beneficiaries who are related. You, the parent or grandparent, maintain control of the assets and decide when and how the money will be spent. A 529 plan is a tax-effective way of putting substantial amounts of money away for you children’s education.
Other Education Savings Vehicles
Coverdell Education Savings Account (ESA)
Uniform Gift to Minors Act (UGMA)
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