What college savings plans are available?
What’s the difference between a:
We can help explain the implications of your investment decisions and can help you create a strategy for a college savings plan that will work towards balancing capital appreciation and preservation.
We want to help you understand the differences and the benefits of these college savings plans. We will be happy to review these options with you. When it comes to college planning, it is important to choose an appropriate investment plan. Let us show you the different types of college savings plans available to you.
A 529 college savings plan can be used for a student at any age. A 529 was developed for those saving to pay for higher education. For more information give Legacy Wealth Planning a call.
A common choice for a college savings plan is the UGMA/UTMA accounts. These are custodial accounts that can be used for any expenses that benefit the child. UGMA stands for Uniform Gifts to Minors and UTMA stands for Uniform Transfers to Minors Accounts. If you have any questions our friendly advisors can help answer them and get you started on college savings.
The Coverdell Education Savings Account was created to help pay for your child's education. This type of college savings plan used to be called an Education IRA.
One other option is a Prepaid Tuition Plan. This type of college savings plan involves purchasing your child's college tuition today at today's costs, so that they can attend school at a later date.
To schedule a time to sit down with one of our advisors, contact us at (775) 850-2500. Legacy Wealth Planning serves all of Northern Nevada, including: Reno, Sparks, Carson City, Lake Tahoe and the surrounding areas.
There are only 2,340 school days until your child goes to college.
Are you ready?