College Planning

There are many avenues to save for college, but since 1996 the 529 account has been the champion for many parents saving for college. Each state adopts its own rules under the 529 framework and with recent changes from Secure Act 2.0 the plan not only saves for college but can help a child start their financial future.

529 Plans

A Tax-Advantaged savings plan designed specifically for college savings
Sponsored by individual states
Some states may provide tax incentives
Can be self-directed or Advisor managed
Lifetime contribution limit is at $450,000 as of 2023

Secure Act 2.0

Secure Act 2.0

Tax-Free transfer to Roth IRA*
Covers additional educational costs
Can be used for Master's, Bachelor's, Associate's and trade schools
Pre K - 12 grade educations costs may be covered as well

*Account must be open at least 15 years and only $35,000 can be transferred to the Roth. Normal annual IRA contribution rules apply.

Other Common Savings Methods

UTMA or UGMA (Uniform Transfer to Minor or Uniform Gift to Minor)
Coverdale Savings - https://www.irs.gov/taxtopics/tc310
Whole Life Insurance

A Cheat Sheet for Sending Your Kid to College

A Cheat Sheet for Sending Your Kid to College

Dropping off your child is loaded with emotions; here are a few tips for a smoother experience.

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Getting a Head Start on College Savings

Getting a Head Start on College Savings

A few strategies that may help you prepare for the cost of higher education.

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