How do we approach education planning?
The purpose of planning for your child's, grandchild's, or other's, education is to provide them with access to the right environment for personal growth.
Whether it is K-12, college, trade school, public or private, the right environment can offer specialized academic programs, choice of class sizes, extracurricular experiences, and other options that align with their individual strengths, interests, and aspirations. Every family's goals are different, and every student can thrive in different places.
When we work with clients, the first goal we set out to achieve is to determine the best option(s) for their student(s). There may be several, but once we have narrowed them down, we discuss how funding these options fits alongside your other important financial goals, such as retirement planning, wealth accumulation, and legacy planning.
Some typical funding strategies we discuss at this time are:
- Gifting strategies (to the student or to the institution directly)
- 529 plans
- UGMA/UTMA accounts
- 530A or "Trump" accounts
Beyond this we may be able to help you access financial aid (even if you are a high earner), scholarships, and grants.
Click this button to access one of our several presentations on funding for college planning.
Then it comes down to fostering the right mindset with your student.
By having the right discussions, at the right times, and ultimately supporting and guiding them along their chosen path, you can give them the foundation they need for success to begin.
Education is one of the many ways families choose to invest in the future. By planning ahead, parents and grandparents may be better positioned to pursue the educational opportunities they envision for the next generation while maintaining focus on their broader financial picture.
