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106 Things We Do For Clients, No. 20

No. 20 of 106 Things We Do For Clients

Review your children’s custodial accounts and 529 education savings plans. Saving for the education of your children or grandchildren can be more complicated than simply opening an account with your state’s 529 plan. Not only are there many different types of college savings plans, there are several varieties of 529 plans, including accounts that are college-specific, age-based, or customized investment plans. In addition, you are not restricted to your state’s 529 plan. You can invest in any of the over 50 plans available in other states. Then there is the question as to who should own the 529 plan: the child, the parents, or the grandparents. Each type of ownership carries a different set of outcomes and strategies. We will analyze all these options and guide you toward the combination that makes the most sense for your child.

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