Individuals & Families

Financial Planning & Asset Management

Education Planning

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Education costs have skyrocketed over the last decade. As a parent, grandparent or relative who is responsible for a child’s education, you know how critical meeting those costs will be to their future.

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:

  • How much do I need to save for a child’s education?
  • What if the child chooses not to go to college?
  • What education savings vehicle should I use?
  • How does my income affect how I save for education?
  • What if I want to retain control over the assets I set aside for education?

Education Planning
Your Financial Advisor can help you develop a plan that will consider all of the variables associated with educational savings including:   

  • Determination of Relevant Educational Costs - Considers the cost of a public or private institution and projects future costs based on historical inflation of educational expenses.
  • Establishing a Savings Goal Program - Helps determine the appropriate savings rate to give you the best opportunity to reach your goal.
  • Finding Suitable Savings Vehicles - Helps determine the most appropriate vehicle based on your present and future income, tax status and need for control of the assets.

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.