UGMA/UTMA Account - Coverdell Education Savings Account - 529 Plan
It's never too early to plan for your child's education. Our Financial Consultants can set up a plan that is practical, sensible, and beneficial to you and your child. For more information, please email a Financial Consultant, or call 310-536-5042 or 877-254-9328, option 6, or click one of the links below.
UGMA/UTMA Account
The Uniform Gifts to Minors Act (UGMA), called the Uniform Transfer to Minors Act (UTMA) in some states, is commonly used to give securities to a minor. A current IRS regulation allows an individual to give up to $11,000 per year to any person, with no tax consequences. If the recipient is a minor, the UGMA provides a way for the minor to own the assets without involving an attorney to establish a special trust.
For more information, please email a Financial Consultant or call 310-536-5042 or 877-254-9328, option 6.
Coverdell Education Savings Account
(formerly Educational IRA)
Coverdell Education Savings Accounts, formerly called Educational IRAs, allow an individual to make contributions on behalf of a child under age 18. Contributions aren't deductible, but withdrawals can be made tax-free if used to pay eligible educational expenses. Withdrawals for non-educational expenses may be subject to federal income tax and a 10% IRS penalty. With this plan there are annual contribution limits and income-eligibility requirements.
For more information, please email a Financial Consultant or call 310-536-5042 or 877-254-9328, option 6.
529 Savings Plan
A 529 Savings Plan allows you to contribute to a pool of money that is managed by an outside investment advisor. Your earnings grow tax-free and distributions are tax-free for qualified educational expenses. There are no income levels restricting people who are eligible to participate and most savings plans offer high contribution limits.
For more information, please email a Financial Consultant or call 310-536-5042 or 877-254-9328, option 6.
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