College Planning


While college education cost is outpacing inflation, without proper planning it will be challenging for our children to pursue education that they deserve. A 529 Plan is one of the most efficient ways to save for college featuring tax-advantaged growth and tax-free withdrawals for higher educational expenses.

These plans can be used not only by parents but by anyone who is considering gifting money to a loved one for higher education. 529 plans can be used for estate planning purposes as well. We will help you navigate a complex 529 plans’ world, explain the rules, restrictions and flexibility and set up a 529 account for your child or grand child, guide you through investments and distributions*.

In addition to a 529 plan, a Coverdell, or an Educational IRA, may be considered. However, due to contribution limitations they have become much less popular and many might consider rolling over the funds from these accounts into a 529 plan. We can help you evaluate your existing Educational IRA and guide you through a potential rollover into a 529 plan.

College Planning

Did you know how you could use Life Insurance policy to pay for college? If you have a whole or variable life insurance policy, you can borrow from, withdraw against, or even cash out the policy to meet college costs. These withdrawals can be tax free if certain rules are met.

Planning for college should start early. The earlier you start – the better outcome you can anticipate. Please talk to us as soon as a child is born!

*Investors should consider the investment objectives, risks, and charges and expenses associated with 529 plans before investing. More information regarding 529 plans is available in this issuer’s official statement. Please read the official statement carefully before investing. Investors should also consider, before investing, whether their home state or the home state of the beneficiary offers any tax or other benefits that are only available for investments in such state’s qualified tuition program.

Although plans are established and maintained by states, the states do not provide guarantees against investment loss, except in certain very limited cases. As with any investment in a mutual fund or other equity security, an investment in a 529 college savings plan can decrease in value. Earnings on a distribution not used for qualified expenses may be subject to income taxes and a 10% federal penalty. Please note that the availability of tax or other benefits may be conditioned on meeting certain requirements such as residency, purpose for or timing of distributions or other factors as applicable.

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