ColleenWatters
  • HOME
  • About
    • Mission and Philanthropy
  • Estate Planning
  • Probate
  • Planning for your pet
  • Special Needs Planning
  • Speaking
  • Contact
  • Blog

SAVING FOR EDUCATION

8/28/2015

0 Comments

 
Picture
Saving for education of your grandchildren now, or are you planning to help your children, grandchildren or another child close to you with their education expenses?  There are many options to help you achieve this goal.

  • Custodial Accounts (UTMA)
  • 529 college savings plans
  • Coverdell Education Savings Account (CESA)
  • Traditional/ROTH IRAs
  • Personal Investment
  • Zero  Coupon Bonds
  • Savings Bonds – Series EE & I

Each of these has differing uses, benefits, and drawbacks.

  • Who can contribute?
  • Contribution limit?
  • Who has control?
  • Qualified distributions?
  • Income Tax considerations
  • What happens to the unused balances?
  • Financial Aid considerations
  • Gift and Estate tax benefits
  • Contributions may be irrevocable gifts
  • Bonds may not receive the tax-free benefit for education expenses if issued incorrectly

The list goes on.  Are you confused yet?   When a client asks me about a complicated financial decision such as this, I always recommend they seek advice from a Certified Financial Planner.  Planning of this type requires a complex review of your assets and your intent to assure the plan you put in place will fulfill that intent and is a sound financial decision.

I work with Certified Financial Planners regularly and can provide referrals upon request.  Please contact me for more information and to discuss how your estate planning documents may be affected by this type of education planning.

Colleen J. Watters
Estate Planning Attorney
916-225-3570
cj@cjwatterslaw.com

www.cjwatterslaw.com


0 Comments

    Author

    Colleen J. Watters is a dedicated estate planning and probate lawyer. She also specializes in special needs and pet care planning. A graduate of Lincoln School of Law, a member of the California State Bar since 2008, a native of Sacramento, an active volunteer with the American River Parkway Foundation and the Placer SPCA.

    Archives

    May 2019
    May 2018
    March 2018
    January 2018
    August 2017
    July 2016
    June 2016
    November 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    November 2014

    Categories

    All
    Advanced Healthcare Directive
    Adventures
    Alzheimers
    Autism
    Beneficiary
    Business
    Business Succession Planning
    Caregiving
    Charitable Contributions
    Charitable Giving
    Cycling
    Dementia
    Divorce
    Domestic Violence
    Donating
    Elderly
    End Of Life
    Estate Planning
    Family Businesses
    Giving
    Grief
    Health Care End Of Life
    Kayaking
    LGBT
    Nursing Homes
    Pets
    Power Of Attorney
    Probate Property
    Realestate
    Safe Havens
    Saving For Education
    Seniors
    Special Needs Children
    Stress Reduction
    Trusts
    Wills
    Women

    RSS Feed

    Contact Colleen J. Watters

Submit