In addition to quantifying a total funding need, we develop cost-effective and tax-efficient strategies to help parents and grandparents address education-funding goals. We consider the tax implications, time frame, and risk-tolerance levels of the client. The final step is evaluating the myriad of potential savings vehicles to identify the optimal combination for our clients’ needs.
If you’re the parent or grandparent of a newborn, you should know that $124,225 is the expected cost of a four-year college education at an in-state public university in the year 2020. This is according to the web site www.collegesavings.org.
A private college could cost as much as $270,000! Don’t panic – Main Street Wealth Group can show you how to make college education a reality for the special child in your life.
We can help: The basics of financial planning used in conjunction with the proper tax-saving vehicle can allow families to pre-fund college expenses. In addition, some of these vehicles can be great tools for parents and grandparents to use for trusts and estate planning.
College Savings options: (We can help you with the right one for you)
- 529 State College Savings Plan
- UTMA Uniform Transfer to Minors Act
- Coverdell Education Savings Account
- 529 State Prepaid Tuition Plans
Let us help you:
Understand the financial aid process?
Know how to finance your family’s share of college expenses?