Education Planning

CPA services provided by Contryman Associates, P.C., Investment Adviser services are offered through Contryman Wealth Advisors

Provided by Contryman Associates, P.C. Investment Adviser Services are offered through Contryman Wealth Advisors.

Description:
Planning for the funding of higher education for your children or grandchildren by identifying the need, setting goals, and projecting the possible future value of educational funding needs.

Benefits:
You may not be aware of how expensive higher education may be for your children or grandchildren. We can help you project what those costs may be, depending on the school, the course of study selected, and the length of time before your child or grandchild will attend.

We can give you the option of several different plans and by explaining the benefits of each you will be able to make a more informed decision. Additionally, we can implement the educational funding strategy that you select to help assure that it includes consideration of your other financial planning issues and possible tax consequences.

Some available options include Section 529 Savings Plans Coverdell Education Savings Accounts.

Another interesting but possibly more complex funding option would be establishing a trust from which college expenses would be paid, or even a Charitable Remainder Trust with income from the trust paying college expenses and the remainder passing to charity. Other options for education funding include IRA distributions or taking a home equity loan. We can help you understand the ramifications of each.

We can also help you determine if you are eligible for available tax credits like the American Opportunity Tax Credit or Lifetime Learning Credit. Funds saved for college may impact the financial aid your children may receive and it might be advantageous to restructure investment funds and payment of college expenses in order to better utilize scholarships and other financial aid opportunities.

Process:

  • Discuss your goals for the education of your children or grandchildren with your Contryman professional.
  • We can provide projections of expected costs for the institutions that may interest you or your children or grandchildren.
  • By comparing different funding options, we can help you determine the amount you will need to invest to help accumulate the needed funds.
  • We can help you implement your plan, considering all aspects from diversification of investments to tax and estate consequences to alternative funding opportunities.

 

For more complete information about the 529 savings plan, including investment objectives, risks, fees and expenses associated with it, please read the issuer’s official statement. The issuer’s official statement can be obtained from your financial advisor. Please read it carefully before investing.

Please consider, before investing, whether your home state offers any state tax or other benefits that are only available for investments in your state’s qualified tuition program. Other benefits may include reduced or waived program fees, matching grants, and scholarships to state colleges. Any state-based benefit offered with respect to a particular 529 college savings plan should be one of many appropriately weighted factors to be considered in making an investment decision. You should consult with your financial, tax or other adviser to learn more about how state-based benefits (including any limitations) would apply to your specific circumstances and you also may wish to contact your home state or any other 529 college savings plan to learn more about the features, benefits and limitations of that state’s 529 college savings plan.

Additionally, please note that unless Congress takes action, earnings withdrawn from a 529 plan account after 2010 to pay for qualified higher education expenses will be subject to federal income tax.

This is not a solicitation or offer to sell securities to residents of any other state.
CPA services provided only through Contryman Associates, P.C., and other licensed CPA firms.