College Fund Planning
Help Give Your Children More Choices for Their Future
A 529 education savings plan can help you prepare for future education expenses while taking advantage of important tax benefits. The sooner you create a strategy, the more time your savings may have to grow.
Schedule a Free ConsultationWhat Is a 529 Education Savings Plan?
A 529 plan is a tax-advantaged account designed to help families save and invest for qualified education expenses.
Tax-Advantaged Growth
Money invested in a 529 plan has the opportunity to grow over time, and earnings are generally free from federal income tax when withdrawn for qualified education expenses.
More Than Tuition
Qualified withdrawals can generally help pay for expenses such as tuition, fees, books, supplies, computers and certain room-and-board costs.
Family Flexibility
If circumstances change, the account may offer options such as changing the beneficiary to another qualifying family member, subject to applicable rules.
How Much Should You Save—and How Should It Be Invested?
Opening a 529 plan is only the beginning. A thoughtful education funding strategy should consider how much you want to contribute, when the money will be needed, and how much investment risk is appropriate.
- Your child's current age
- Estimated future education expenses
- How much of the cost you want to fund
- Your monthly or annual savings capacity
- Your investment time horizon and risk tolerance
- Your retirement and other financial priorities
College Planning Should Not Come at the Expense of Retirement Planning
Parents naturally want to give their children educational opportunities. But deciding how much to save should be coordinated with your own retirement, emergency reserves and other long-term financial goals.
Our role is to help you look at the entire financial picture—not simply open an account.
Talk With UsEducation Can Be Part of the Legacy You Leave Behind
Grandparents and other family members can also contribute to a child's 529 plan. Instead of another birthday or holiday gift, a contribution toward education can become a gift with an impact that may last for decades.
For families with substantial assets, education funding can also be considered alongside gifting, retirement and broader estate planning objectives. Your financial, tax and legal professionals can help determine which strategies are appropriate for your situation.
A Simple Education Planning Process
We help families move from a general goal of “saving for college” to a strategy based on their actual financial circumstances.
Define the Goal
We discuss your children or grandchildren, timeline, expected education costs and how much you would like to fund.
Build the Strategy
We help evaluate contribution levels and investment choices in the context of your broader financial plan.
Review Over Time
As your child gets closer to college, the strategy can be reviewed as education costs, goals and investment time horizons change.
Frequently Asked Questions
Five common questions families ask when considering a 529 education savings strategy.
What is a 529 plan?
A 529 plan is a tax-advantaged account designed to help families save for education. Investments can potentially grow over time, and earnings can generally be withdrawn free of federal income tax when used for qualified education expenses.
What expenses can 529 plan money be used for?
529 funds can generally be used for qualified education expenses such as college tuition, fees, books, supplies, computers and certain room-and-board costs. Other education expenses may also qualify depending on applicable federal and state rules.
Can grandparents contribute to a 529 plan?
Yes. Parents, grandparents and other family members can contribute. For grandparents, a 529 plan can be a meaningful way to help provide educational opportunities for future generations.
What happens if my child does not use all the money?
Several options may be available, including keeping the account for future education, changing the beneficiary to another qualifying family member, or potentially rolling eligible unused funds into a Roth IRA for the beneficiary. Specific requirements and limitations apply.
When should I start saving for college?
Starting earlier gives invested money more time to potentially grow, but families can benefit from creating a strategy at many different stages. The appropriate approach depends on the child's age, expected education costs, available cash flow and your other financial priorities.
Start Planning for Their Future Today
Whether you are a parent saving for a child or a grandparent hoping to create an educational legacy, we can help you determine how a 529 plan may fit into your family's broader financial strategy.
Schedule a Free ConsultationThis information is provided for general educational purposes and is not intended as individualized investment, tax or legal advice. Investment values can fluctuate, and investments may lose value. Tax laws and 529 plan rules are subject to change. Consult your tax and legal professionals regarding your individual circumstances.