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Next to retirement planning, paying for your children’s education could be the largest expense that your family will bear. The most important thing you can do to secure a child’s educational future is to start planning today. Your Northfield Investment Services Financial Representative knows the questions to ask and has the answers you need about the different planning options.
529 College Savings Plan
A 529 plan is an investment plan operated by a state, designed to help families save for future college costs. A key advantages of a 529 plan is the income tax breaks on the non-deductible contributions. Any earnings grow tax-deferred for as long as the money stays in the plan. Another major advantage is that the account holder stays in control of the assets in a 529 account. The named beneficiary has no rights to the funds. In fact, the account holder has the flexibility to change beneficiaries at any time
Coverdell Education Savings Accounts
A Coverdell Education Savings Account is a trust account especially designed for education costs. This custodial account enables you to contribute up to $2,000 per beneficiary per year of earned income after tax. Income limitations apply. Earnings may be withdrawn tax-free for qualified educational expenses, from elementary school through college provided distributions aren’t more than the beneficiary’s adjusted qualified education expenses for the year
To schedule a no-obligation appointment with a Northfield Investment Services Representative to discuss planning for your child's future, call or stop by any Northfield Bank branch.
Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's 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. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
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