COLLEGE SAVINGS

It seems everyone’s thoughts differ when it comes to paying for their children’s major expenses. Some people like the idea of utilizing college savings plans like 529’s that offer tax advantages if used for educational expenses. Others simply want options to save money to help their children pay for other life expenses such as: getting married, buying their first home or helping them pay their student loans. If you are a grandparent who would like to help your grandchild, Swenson has options for that as well.

College 529 Accounts: Tax advantaged way to save for expenses associated with higher education.

Coverdell Education Savings Accounts: These can be used for qualified expenses associated with eligible K-12 and higher education.

UGMA/UTMA: These custodial accounts let savers take advantage of lower tax rates for children.