College Planning

Are you planning to help your children or grandchildren with their education expenses? Or are you interested in continuing your own education? There are many options to help you achieve both your childrenís and your own scholastic goals.

Useful college savings plans include:

  • Custodial accounts (UGMA/UTMA) allow you to make irrevocable gifts to a minor. The custodian will be able to use the funds for the minorís education and other expenses. Ultimately, the child will control the funds when she or he turns 18 or 21, depending on how you arrange the account.
  • 529 college savings plans are operated by a state, state agencies, or educational institutions and are designed to help families set aside funds for future college tuition and expenses. These investment plans stay under your control and offer certain tax advantages for contributions, growth, and withdrawals.*
  • Traditional or Roth IRAs are not counted as assets for financial aid calculations, but withdrawals are considered financial aid income for parents. Penalty-free distributions are allowed from IRAs for eligible educational expenses for you, your children, and your grandchildren, although income taxes may apply to traditional IRA and Roth IRA withdrawals.
  • Other options. In addition to savings, current income, and borrowing, there are other ways to finance higher education that can be discussed with your financial advisor.

* Investors should consider carefully the investment objectives, risks, charges and expenses of the municipal fund before investing. This, as well as other important information, is contained in the official statement. Please read it carefully before investing or sending money.
An investorís home state may offer favorable tax treatment only for investing in a plan offered by such state. Withdrawals for non-qualified expenses may be subject to additional penalties and taxes. Consult your tax advisor regarding state and federal tax consequences of the investment.
Participation in a 529 Plan does not guarantee that the contributions and investment return will be sufficient to cover future higher education expenses. Investments involve risk and you may incur a profit or a loss.


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