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Are you worried you will not be able to afford to send your children to college? Would you like to help someone other than your children for college? There are different ways to start saving for college. Qualified Tuition Savings Plans 529 Plans are state operated. They are for qualified college expenses only. You can: 1. Prepay tuition at eligible institutions -or- 2. Save for tuition and/or college qualified expenses (tuition & fees, books, supplies, equipment, room & board) at eligible institutions. These savings plans may offer contributions that are Federal and State tax deductible or have tax credits. A 529 plan has higher contribution limits and no income limits, unlike a Coverdell. Coverdell Plans are a type of tuition savings plan covering any education at any age, i.e., private school in K-12, or college tuition. The savings are nondeductible contributions but receive tax deferred growth status. The contribution limits are lower than a 529 and there are income limits.
Like all investment decisions, saving money for college should be considered carefully and your suitability, goals, risks, and objectives should be closely evaluated.
Please contact Doleman Wealth Management, LLC, for more details. *please see below for important disclosure