|Education funding options
As a parent you should consider several issues before deciding how to finance your children's education expenses. Our Financial Advisors can work with you to help determine which option will best meet your needs.
A 529 college savings plan allows for high contribution limits up to $300,000, depending on the type of plan you choose and state contribution limits. This enables you to move significant assets out of your taxable estate over time.
Another option for funding higher education is a Coverdell Education Savings Accout (ESA), which can also be used for elementary and secondary school education expenses. The annual limit on a Coverdell ESA is $2,000.