College Planning

  • Uniform Gift to Minors Act / Uniform Transfers to Minors Act: These accounts allow parents / grandparents to gift and invest money for a child, but maintain control until that child becomes an adult.
  • 529 College Savings Accounts: Investment accounts that provide tax benefits if the funds are used for qualified Education expenses for a specified beneficiary. One great advantage to 529 accounts is the ability to change the beneficiary annually.
  • Coverdale Educational Savings Account: This account has many similarities to the 529 tax treatment, but does have income limits and contribution limits.

Prior to investing in a 529 Plan, investors should consider whether the investors or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

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