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Creating bright futures.

Adding a child's future education costs to the laundry list of financial needs (paying the monthly bills, saving for a vacation, saving for a new car, saving for your retirement) can be an overwhelming thought that is often added to the “I’ll get to it later” list.

With the ever-increasing costs of higher education, saving for some or all of those future costs now may prove to be an investment that lasts your loved one’s lifetime.

An efficient way to save.

When it comes to saving for an education, there are many options available. Knowing which one is best for you or your loved ones is an important choice. That’s why we work hard to understand all of your finances and goals — so we can help you choose the options that fit you best.

Together, we help create an education savings plan that takes into consideration things like the state you live in, the school(s) your loved ones may want to attend, applicable tax strategies, and your investment options. We also make sure it fits into your overall financial plan.

Making a wise choice.

Depending on your income, timeline, tax burdens, and savings goals, there are many options to help you save for a child’s education.

529 PLANS

These are college savings plans that allow you to contribute on behalf of the future student. The contributions are collected on a tax-deferred basis, and they are also exempt from federal income tax when used on qualified educational expenses.

COVERDELL EDUCATION SAVINGS ACCOUNT (CESA)

This is a special educational investment account you can contribute to until a child turns 18. It has some tax benefits, but the maximum contribution is $2,000 per year. A CESA can be used for elementary, secondary, and college expenses and tuition.

CUSTODIAL ACCOUNTS (UTMA)

This allows you to make an irrevocable gift to an account for any child. He or she will ultimately control the funds at age 18 or 21 (depending on state law).

TRADITIONAL OR ROTH IRAS

You can make penalty-free distributions from IRAs for eligible educational expenses for you, your children, and your grandchildren. In some cases income taxes may be assessed. IRAs are not considered assets for financial aid calculations, but withdrawals are counted as financial aid income for parents.

OTHER POTENTIAL OPTIONS

  • Financial aid from federal and state governments
  • Work-study programs or a part-time job for the student
  • Loans from private, federal, and college sources
  • Scholarships and grants from different sources
  • Family gifts

Your Child's Future. Our Focus.

Let us get to know you — your concerns and your dreams —
and we’ll work with you to create a financial plan that helps you save for education.

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