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Education Savings Plans

When you want to provide your child with the best start in life, guiding them from infancy and entering adulthood, that may include wanting to provide for, or supplement, your child’s college tuition.

If this is something you want to provide for your children, your EWM advisor will help you build that goal into your custom financial plan. He or she will also inform you about creative ways you can save to reduce your tax liability.

Making a plan with your advisor for funding tuition and discussing matters like anticipated costs, potential fund penalties, and tax implications will help you have a clearer picture of what you’ll be able to have ready when your child is preparing to send out those college applications!

Your advisor will take the time to talk with you about your goals and concerns about funding for college. From this conversation, your advisor will help you select the saving or financing programs that make sense and create an education investing plan with you

Some Education Investing Opportunities

The EWM financial team can help you to explore options available to you and understand how the different financing options work, what tax advantages there are with each savings plan, and which products have better flexibility.

  • 529 Savings Plans: A 529 plan is a state-sponsored savings plan. As long as the earnings are going towards education expenses, they are typically tax-free. Our financial advisors talk with you and advise you on selecting a 529 plan for your child’s education.

  • Educational IRAs: At Executive Wealth Management, we can help you invest in your child’s future with an educational IRA. With this plan, you have the flexibility of being able to withdraw your contributions for education expenses tax-free.

  • Student Loan Planning: Whether you are a student looking to cover your education expenses or a parent taking out money to help your child, it’s helpful to talk you’re your financial advisor about the student loans and repayment options available. Our experienced advisors can talk with you about the pros and cons of student loans and help you draft a plan for funding higher education.

  • What’s new: A new tax law or special program could impact your college funding plan. Working with an EWM financial advisor can help keep you informed about opportunities to take advantage of or risks to avoid.

Don’t let college costs derail your financial goals. An EWM financial advisor can help you to explore options for education saving available to you, contact us today!