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Education Savings

  • Education savings plans can offer a variety of features and benefits including certain tax and contribution advantages
  • Genesis Wealth Advisors team of Financial Advisors offer a variety of education savings plan options


Education costs have skyrocketed over the last decade. As a parent, grandparent, or relative who is responsible for a child’s education, you know how critical meeting those costs will be in their future.


Our team of Financial Advisors can help you determine how much you'll need to save based on your priorities and situation. We can walk you through the common college savings plan options available and also discuss alternative investing options that may work in your situation.

The team of Financial Advisors at Genesis Wealth Advisors, can help you answer these key questions related to education planning:

  • How much do I need to save for a child’s education?
  • What if the child chooses not to go to college?
  • What education savings vehicle should I use?
  • How does my income affect how I save for education?
  • What if I want to retain control over the assets I set aside for education?

Genesis Wealth Advisors can Help you Develop a Plan that will Consider All of the Variables Associated with Educational savings including:   

  • Determination of Relevant Educational Costs: Considers the cost of a public or private institution and projects future costs based on historical inflation of educational expenses.
  • Establishing a Savings Goal Program: Helps determine the appropriate savings rate to give you the best opportunity to reach your goal.
  • Finding Suitable Savings Vehicles: Helps determine the most appropriate vehicle based on your present and future income, tax status and need for control of the assets.



Tax-Advantaged Educational Savings Programs


Your ability to afford college tuition in the future will most likely depend on how much you set aside today. There are a variety of way to save and invest for college, including investments that offer attractive tax advantages.

  •  Uniform Gifts to Minors/Uniform Transfers to Minors Accounts (UGMA/UTMA)
    • A custodial account in which assets are held in custodian’s name for the benefit of a child, for education and other related expenses.
  • 529 College Savings Plan
    • A savings plan that specifically targets college tuition and expenses, offering certain tax and contribution advantages while allowing for control of distributions. The distributions of a 529 plan can only be used for college and university-level educational expenses; the beneficiary of the program can be changed as needed.
  • Coverdell Education Savings Account
    • A tax-advantaged savings account created by the U.S. government that has a maximum contribution limit and its distributions can be made for primary, secondary and university/college-level educational expenses.
  • Other Options
    • In Addition to Savings, Current Income and Borrowing, there are Other Ways to Finance Higher Education:
      • Financial aid from federal and state governments
      • Work-study programs or a part-time job for the student
      • Loans from private, federal and college sources
      • Scholarships and grants from different sources
      • Family gifts



Other Financial Considerations for a College Savings Plan


As you Explore College Financing Options and Determine Which Program, or Combination of Programs, will Best Meet your Needs, you may Wish to Talk to our team of Financial Advisors to Guide you Through the Finer Points such as:

  • How does saving for education fit into your financial life? How can you resolve competing needs to save for retirement and a child's education?
  • What calculations are used by institutions in determining financial need?
  • How will a  college savings plan  affect your taxes, financial aid eligibility and tax credits?
  • What investment options do you have based on your risk tolerance and when the funds will be needed?
  • Which currently held funds are accessible and what are the penalties for early withdrawal?



Take the Next Step


While some people take out loans to pay for education expenses, the interest on qualified student loans may be deductible, subject to income limitations. Talk our team of Financial Advisors at Genesis Wealth Advisors before tapping your home equity, spending your retirement assets or using your credit cards to pay tuition. To find out more about the right education savings plan for you, contact Genesis Wealth Advisors.



We'll Help You with a College Savings Plan


If saving for college is an important financial goal for your family, talk with our team of Financial Advisors at Genesis Wealth Advisors about how you might start a college savings plan for yourself, your children, grandchildren or other children close to you.

To learn more about Education Planning or other financial services, contact Genesis Wealth Advisors to schedule an appointment today. 



Participation in a 529 College Savings Plan (529 Plan) does not guarantee that contributions and investment return on contributions, if any, will be adequate to cover future tuition and other education expenses or that a beneficiary will be admitted to or permitted to continue to attend an educational institution. Contributors to the program assume all investment risk, including potential loss of principal and liability for penalties such as those levied for non-educational withdrawals.

An investor should consider, before investing, whether the investor's or designated beneficiary’s home state offers any favorable state tax treatment 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. Consult with your financial, tax or other adviser to learn more about how state-based benefits (including any limitations) would apply to your specific circumstances. You may also wish to contact your home state or any other 529 college savings plan to learn more about the features, benefits and limitations of that state’s 529 college savings plan. Furthermore, the Tax Cuts and Jobs Act that was signed into law on December 22, 2017 allows for up to $10,000 a year per beneficiary in tax free distributions from a 529 Plan if used for tuition incurred for enrollment or attendance at a public, private, or religious elementary or secondary school. Check with your state’s guidelines prior to withdrawing the funds.

For more complete information, including a description of fees, expenses and risks, see the offering statement or program description.