In recent years, the cost of college has been increasing dramatically. For some, paying for college is harder than ever. However, saving for college could be easier than ever with multiple college plans and children’s savings plans available. An investment in education is an investment for the future—your child’s, your grandchild’s or even your own.
529 Savings Plans and Coverdell Educational Savings Accounts (ESAs) are options that allow you to save for education in a tax efficient manner. UTMA/UGMA Custodial Accounts can also be used for school, but provide some additional flexibility in saving for your child’s future. It is important for individuals to understand the different options available and determine which options best meet their needs as they plan for the future costs of education or general financial assistance of a child.
Utah College Planning with Butler Financial Advisors
At Butler Financial Advisors, we will help educate you on the different options that are available and help you determine which option might make the most sense for your particular situation. We also suggest that before investing in any college savings plan, that you consult with us or another tax professional about your tax situation.
In this College Planning section of our website, you will find more detailed information on some of the popular options available and the benefits and draw backs to these options. In addition, you may visit the link below, by clicking College Savings Comparison Chart, that lists three common savings options and the differences between each option (Please note: that the College America option in this chart is the 529 plan option).
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