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College Planning

Education can help expand the mind, open doors, and offer broadened horizons. As a parent, grandparent or guardian, one of the most significant things you can do for your children is to help provide them the opportunity to receive an excellent education. But we know that carries a high price tag, one that typically cannot be reached without a careful, detailed plan.

The team at Investment Insight Wealth Management can provide you with wise financial advice and smart solutions to create an education plan to ensure that you’ll reach your goal. We draw upon our years of experience, a variety of financial tools, and a comprehensive approach to financial planning to develop a customized plan for you. The planning process includes:

  • Determining how much money you need to set aside for education
  • Setting up a specialized education account (529 plan, UTMA account, or other)
  • Formulating a plan for funding the education account to reach your goal
  • Selecting appropriate investments for the funds in the plan, and managing them as the date nears when they will be needed

Your commitment combined with sound advice and a well-constructed plan can provide your loved ones with the education they need to realize their full potential.

Glossary of Terms

  • 529 College Funds: 
    529 College accounts let you save for education beyond high school. Generous amounts can be invested in these plans. Funds grow without taxation and as long as they are used for secondary education are tax-free. You can maintain a great deal of control of funds invested in 529 accounts.

  • UTMA Accounts: 
    A UTMA, or Uniform Transfers to Minor Act, allows the account holder to transfer money into a minor’s name and ownership. UTMA accounts are tax-advantaged. While the child is under age 19 the first $1,100 earned per year is tax free. The next $1,100 is taxed at the child’s rate. Any earnings above that are taxed at the parent’s rate. UTMA accounts are the child’s property and may be used for any purpose.

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