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Education Planning

Supporting a child’s education can be one of the most rewarding aspects of success and one of the most important elements in your financial plan. With rising inflation and the high cost of education, planning to contribute to another’s higher education may require an early start. There are a variety of investment vehicles and tax-efficient options to contribute to the cost of higher education. Our knowledge and professional guidance can help you analyze the tax benefits, ownership structure, risk and contribution limits involved – even what to do with your leftover education funds if your aspiring academic earns a scholarship.

When meeting with us, we can help you figure out the following:

  • Project future education costs, taking timeframes and aspirations into account
  • Develop a strategy to meet your funding needs after a careful evaluation of the funding options that emphasize liquidity scenarios and long-term growth:
    • 529 investment plans
    • Uniform Gift to Minors Accounts or Uniform Transfer to Minors Act (UGMA/UTMA)
    • Coverdell Education Savings Account
    • Investment products that are in line with your overall strategy
    • Direct payments to financial institutions
    • Awards for scholarship and other programs, as applicable
  • Optimize your tax situation, exploring advantageous tuition plans and the availability of tax credits
  • Execute your strategy and monitor its progress by testing assumptions and evaluating performance against projections, making necessary adjustments to help your plan stay on track

The longer you wait the more money you will need to save to meet your goal. In most estimations, by the time today’s newborns are college-aged, four years at a public university will cost upwards of $200,000. While getting an early start is key, it’s never too late to begin saving for the educational objectives of those you care about.