McLean Financial Advisors Work for Your Future
Over the past several decades, the cost of college has soared. It’s easy for many families and prospective students to be discouraged by the rising costs of a college education and not know where to start to begin saving for the future.
At Mink Wealth Management, our team of McLean financial advisors can work with you to come up with a plan that will help increase the likelihood of meeting your goals. With over a century of collective experience, we can capably advise you on how to proceed given your unique financial situation. We take the time necessary to understand your finances and your objectives, so that we can create a plan that is best-suited to you.
Learn more about your options by calling (888) 284-7891 today. Mink Wealth Management is proud to help others manage their finances and meet their financial goals.
A popular way to save money for college tuition is a 529 plan. Although each state has its own 529 college savings program, you don’t have to reside in that particular state to fund the program. However, many states provide a state income tax deduction up to a certain contribution limit for residents of the state.
The benefits of a 529 plan include the following, and more:
- Your child can use the funds from the 529 plan for a college anywhere in the country.
- When the funds are needed for tuition, you don’t have to pay income tax on the appreciation.
- When the plan is owned by a grandparent, the funds don’t impact financial aid benefits.
Another option for college tuition is a minor’s trust. The trust is typically funded by the minor’s grandparents or parents. The trustee is given distribution rights for higher educational purposes. In many cases, the trustee may also fund other needs, such as medical and support needs.
Contact Mink Wealth Management for more information about college planning. We look forward to hearing from you!