Planning for Their Future
Planning how you will invest in your child’s future can be overwhelming. Our team of experts can help you determine which method is best for your family.
529 Plans
One of the most common methods of investing for college is through 529 plans. They are state-sponsored programs that are typically run by financial services companies. The advantages that families receive from 529 plans include tax advantages and a surprising amount of flexibility.
An investor should consider, before investing, whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits, such as financial aid, scholarships funds, and protection from creditors that are only available for investments in such state’s 529 college savings plans.
An investor should consider, before investing, whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits, such as financial aid, scholarships funds, and protection from creditors that are only available for investments in such state’s 529 college savings plans.
Education Savings Account (Coverdell ESA)
Tax-deferred account with earnings and withdrawals which may be free from federal income tax if used for qualified education expenses. Contribution limits apply.
Qualified Coverdell Education Savings Account distributions are not subject to state and local taxation in most states.
Qualified Coverdell Education Savings Account distributions are not subject to state and local taxation in most states.
Custodial Accounts
A simple way to transfer property to a minor; called a Uniform Transfer to Minors (UTMA) or Uniform Gift to Minors (UGMA) depending in which state the minor resides.
Meet With Us
Contact us today to schedule your visit.
Summit Wealth Management
1500 Liberty St SE
Suite 250
Salem, OR 97302
Local Phone:
503.798.4343
Email Us:
[email protected]
Summit Wealth Management
1500 Liberty St SE
Suite 250
Salem, OR 97302
Local Phone:
503.798.4343
Email Us:
[email protected]