Just like saving for other goals, a successful savings program to meet educational expenses requires an early start. Your Janney Financial Advisor, working with our financial planning professionals, can help you answer these key questions related to education planning:
Education Planning Your Financial Advisor can help you develop a plan that will consider all of the variables associated with educational savings including:
Tax-Advantaged Educational Savings Programs Uniform Gifts to Minors/Uniform Transfers to Minors Accounts (UGMA/UTMA) A custodial account in which assets are held in custodian’s name for the benefit of a child, for education and other related expenses. 529 College Savings Plan A savings plan that specifically targets college tuition and expenses, offering certain tax and contribution advantages while allowing for control of distributions. The distributions of a 529 plan can only be used for college and university-level educational expenses; the beneficiary of the program can be changed as needed. Coverdell Education Savings Account A tax-advantaged savings account created by the U.S. government that has a maximum contribution limit of $2,000 per year and its distributions can be made for primary, secondary and university/college-level educational expenses. Contact your Janney Financial Advisor to get started.
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