Education is one of the most valuable investments you can make. Whether you want to help a child or family member, or return to school, we can help select the best account for you.
529 Savings Plan: 529 savings plans are flexible, tax-advantaged accounts designed specifically for education savings. Earnings on contributions grow federal income tax deferred, and withdrawals taken to pay for qualified higher education expenses such as tuition, fees, and room and board are free from federal income taxes.
Coverdell Education Savings Account: (ESA) Accounts allow you to save for college and withdraw money for qualified higher education expenses federal income tax deferred.
UGMA/UTMA: UGMA (Uniform Gifts to Minor Act) and UTMA (Uniform Transfers to Minor Act) are custodial accounts that let parents (and others) make an irrevocable gift to a minor that can be used for college or any other purpose. For federal tax purposes, investment earnings are generally taxed at the minor’s tax rate, which is usually lower than a parent’s rate.
If you haven't done so already, talk to a Wealth Manager to help you establish your financial goals and determine how to reach them.
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