UTMA accounts provide a way to gift money to minor children. Contributing funds to UTMA accounts constitutes an irrevocable gift. Once you gift the funds, they must be managed for the benefit of the minor and you cannot change the beneficiary. However, there is a lot of flexibility with this type of account. The custodian […]
Is a Coverdell ESA right for you? With so many ways to save for future education costs, it’s hard to know which accounts to use. The first thing to realize is that the various accounts out there are not in competition with each other. In fact, they compliment each other. There are important differences between […]
Student loan debt is on the rise and the numbers are staggering. Total student debt is approximately $1.38 trillion and is second only to U.S. mortgage debt. If you’re like me, seeing these crazy dollar amounts can lead to information overload. Just trying to wrap my head around ONE TRILLION is a challenge. Rather than […]
Putting together a college savings plan can be daunting. The rapidly rising cost of higher education can be intimidating, but don’t let the numbers scare you off. According to the College Board the average per year cost of a private four-year college is $49,320 or $24,610 for a state school. If costs continue to rise […]
