College Funds in California – Find Your Financial Aid Advisor
Education is the cornerstone on which nations are built. Tuition rates are ever increasing making saving for college a critical part of financial planning. This can sometimes be too much to handle by yourself.
Saving for College Education
Financial Planning Platform can work towards giving your children or grandchildren the ability to pursue their dreams without compromising on a comfortable lifestyle. We don’t believe in “one size fits all” and have several plans that can cater to the demanding financial needs of a competent educational environment today.
529 Plan Basics
A 529 plan has considerable benefits when it comes to saving for college. There are several tax advantages which you can gain from federal taxation. Specifically, qualified higher education expenses are free from federal tax. Certain 529 plans are also allowed deductions from state taxes.
A 529 plan has no income limits which means you can contribute regardless of how much you earn. Contributions can reach a maximum account value of $500,000.
Other College Savings Options
There are other college savings options also available you can use in addition to 529s, namely Coverdell Education Savings Accounts and UGMA/UTMA specifically meant for educational savings.
Contribution to Coverdell ESA can be made even if you don’t have earned income. Contributions are limited to $2,000 per child until the child reaches 18. Your earnings increase is tax-free. Another benefit with Coverdell ESA is that withdrawals used for qualified education expenses are federal tax exempted.
The Uniform Gifts to Minors Act (UGMA) and the Uniform Transfers to Minors Act (UTMA) both offer lower tax rates while helping you save for your child’s education.
Benefits of Hiring a College Financial Aid Advisor
Pursuing a 529 college savings plan is the most common strategy. While there are plans that you can choose as a DIY option, the advantage of hiring a college financial advisor is that you’ll gain access to a whole lot more. We can assist you make that all-important decision when it comes to choosing the right college plan.
We have experienced college financial planners who can review your current status and give you effective options on how best to work with the situation. We also walk you through the implications of the plan that you have chosen, giving you a complete picture of how you’ll be placed down the line.
When it comes to planning for college funds, it makes a lot of sense to start as early as you’re able to. Get in touch with our college financial aid advisor to learn more about our college funding services in California.
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