College Funding

Have you opened the door to the best opportunities for your children (grandchildren)?

Heath Wealth Management can help you to start saving and investing early in order to pay for your children’s college costs. We can help you to make well-informed college planning and college-funding decisions while saving on out-of-pocket costs. 

As the cost of a college education continues to rise faster than incomes in America, it is increasingly becoming beyond the reach for many families unless they have planned to save from early on.  For individuals starting a college savings plan today, questions arise as to the best way to save.  For such an important and long-term goal, it’s important that every dollar you save is invested in the most advantageous way possible.

There are many factors to consider when selecting a college savings plan. As with any savings goal, individual factors such as time horizon, risk tolerance, investment preferences, and tax situation need to be considered and weighed in order to select the most suitable savings plan.  In addition, special consideration needs to be given to who will actually own the college funds as the decision is likely to impact the availability of financial aid in the future.

529 Plans

529 plans are tax-advantaged savings vehicles for people looking to save for a child’s education. This tool allows individuals to contribute to the savings plan while deferring taxes, and even when the funds are withdrawn for education, it is done so tax-free. Money can be withdrawn for other purposes, but it is done so as a taxable event. Prior to investing in a 529 Plan one should consider whether their home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Heath Wealth Management will help you to determine which state’s 529 plan, or other savings option, is the best for you based on your risk profile and time horizon. 

Working With An Advisor

Not all college savings plans are made equally. And the same goes for your financial planner. When working with Heath Wealth Management, our fiduciary responsibility ensures that every decision to be made regarding your financial plan is made with your best interests in mind. We have a variety of strategies for families who are looking to save for their children's education, and we’re happy to discuss which is the best for your unique circumstances.

Get In Touch