Every parent wants to be able to provide for their children’s future, and that often involves saving for a college education. But many families put off this task due to misconceptions about how much money you need to save or how “difficult” it is to get started. As a rule of thumb, the earlier you can start saving, the better—but it’s never too late to invest in your family’s future.
Ready to explore your education planning options? Contact a fiduciary financial advisor at Ferguson-Johnson Wealth Management today for your free initial consultation.
Section 529 College Savings Plans
Section 529 plans are operated by a state or educational institution and make it easier for families to save money for their children’s (or grandchildren’s) post-secondary education. If you wish, 529 plans can even be set up with a friend or yourself as a beneficiary. Depending on your state of residence, contributions to 529 plans may be deductible on your state tax return. Even more importantly, earnings from 529 plans are free from federal tax and often state tax, as long as the plan is used for qualifying educational expenses such as tuition, books, room and board, and other associated fees. With a Section 529 plan, you can contribute up to the amount necessary to provide qualified education expenses for your designated beneficiary. Specific plans vary by state, so be sure to contact your advisor at Ferguson-Johnson Wealth Management to discuss your options.
Why Choose Ferguson-Johnson Wealth Management for Educational Financial Planning?
At our firm, we know that managing your current financial situation while attempting to provide for your family’s financial future can be an intimidating process. That’s why we do our best to inform you about all your options and tailor a complete financial plan that works best for you and your family. Our personal financial planning services don’t end with a piece of paper and a pat on the back—we know that your life is always changing, and we’re with you every step of the way.
If you’re interested in a section 529 college savings plan or want to talk over your options for education planning, call Ferguson-Johnson Wealth Management today at 301-284-8786 for your no-cost initial consultation.