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Education Savings

Help Your Children Fulfill Their Dreams

You have worked hard to make your dreams become a reality, but now that you have children, their dreams become your own. One of your biggest priorities is to help them achieve the futures they desire. Though college is becoming increasingly expensive, education planning can reduce the sticker shock associated with paying for your child’s education.

Start Now

The time to start planning is now. Investing in a savings plan spreads the financial burden out over time and has potential tax benefits as well. There are three good options for a college savings plan:

  • Education savings account: This is a tax-free savings plan that will help you meet your child’s educational expenses for elementary and secondary school, technical school, college and postgraduate work. Your earnings continue to be tax free as they grow.
  • 529 plans: These are tax-exempt investment plans that allow you to invest now for your child’s future college expenses. Outcomes are dependent on market variations, so there is no guarantee that they will cover future expenses in higher education.
  • Uniform gifts to minors: These provide an avenue for donors to gift assets, such as securities, to a minor without having to set up a trust fund. When the child reaches the age of maturity, the assets are given to the child to use as they see fit.

Plan Wisely. Dream Big

An advisor at Midwest Wealth Management can help you determine the savings options that are best for you. Contact us today to begin planning for your children’s educational future.

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