College Planning

In today's competitive environment, a college education can be a door to opportunity for the next generation. With the cost of four years of college running well into the six figures, it is important to plan for the expense of college as early as possible.

At Golden Trail Advisers, we believe the first step is to determine the overall goal, so the plan developed will be able to accomplish the goal. For example, a family's goal might be to save enough to send Bob Junior to a state college. Once the goal is set forth, a financial projection can be developed along with appropriate savings targets. There are several different vehicles designed to save for college:

  • 529 College Savings Plans
  • Prepaid Tuition
  • College savings bonds
  • Coverdell (Education) IRAs
  • College Loans
  • Work/Study

Each of these vehicles may have a place in the overall college savings plan. That would depend on the values and preferences of each family. In addition, these vehicles have different income limits, rules, tax implications and other tradeoffs, which must be considered when setting up the plan.

Another consideration is how the accounts are titled. Whether accounts are in trust or in the parent's name can make a big difference for future flexibility. Finally, after the plan is in place, it should be reviewed at least annually so that timely adjustments can be made.

Your adviser from Golden Trail will discuss your needs and values along with the basic characteristics of each vehicle to help you design a workable college savings plan. We can assist the next generation in getting to the doorway of opportunity that college can provide. This is just one more way we help you on "your path to financial well-being."

College Planning