EDUCATION PLANNING
If you have a goal of funding higher education expenses for a child, it’s important to start planning early. Ross will implement a custom savings strategy that minimizes taxes and maximizes your ability to offset rising tuition expenses.
While the most popular way to save for college expenses is through a 529 savings plan, Ross will evaluate whether other savings strategies can help maximize the amount you are able to set aside. Additional options include a Coverdell ESA, a custodial account or a trust.
Prior to investing in a 529 Plan investors should consider whether the investor’s 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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