Education Planning
When the financial planning process suggests the need to save for the education needs of a child or another family member, there are various mechanisms to provide for the investment. Although 529 plans are often discussed as the way to fund a college education, this type plan is not optimal for all clients. Some parents will come out ahead by using other vehicles to save for college. And there are restrictions and tax implications on disposition of assets in a 529 plan if not used for the intended purpose.
North Carolina clients may want to visit the College Foundation website to read about saving for college. Chapel Hill Financial Planning is not affiliated with College Foundation. Here is a link to the College Foundation website.
