Financial Advising for College Saving Planning

Craft tailored savings plans aligned with your financial goals. Analyze your current situation and projected costs to create a plan that ensures your family's educational aspirations are met.

Explore the advantages of 529 plans for tax-efficient savings. Our expertise helps you select the right plan and manage contributions to ensure a solid foundation for your loved ones' education.

Maximize returns while minimizing tax impact. At Lewis CPA, our approach to investing includes strategies that optimize gains and reduce capital gains taxes, preserving more of your savings for future educational needs.

We can help you navigate the complex world of financial aid with confidence. Benefit from our guidance on FAFSA and CSS Profile, ensuring you secure the maximum aid eligibility for your family's educational journey.

Shield your savings from market uncertainties. Our strategies protect your investments from volatility to ensure your hard-earned assets remain dedicated to funding your children's education.

Stay on track with ongoing monitoring and adjustments. We consider changing circumstances to fine-tune your savings plan, guaranteeing optimal results and adaptability over time.

• 1. State-sponsored plans that offer tax-advantaged savings for qualified higher education expenses, including tuition, room and board, textbooks, and other college expenses;
• 2. Earnings grow tax-free, and withdrawals are also tax-free when used for qualified education expenses;
• 3. Can be used for both college and K-12 education costs.

• 1. Tax-advantaged accounts that allow individuals to contribute up to $2,000 annually per beneficiary;
• 2. Similar to 529 college savings plans, earnings grow tax-free, and withdrawals are tax-free when used for qualified education expenses.

• 1. Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) accounts allow minors to receive and manage gifts or assets;
• 2. Funds can be used for any purpose, including education, but become the child's property once they reach the age of majority.

• 1. Previously known as Education IRAs, these accounts are now known as Coverdell ESAs;
• 2. Allow individuals to contribute up to $2,000 per year for each beneficiary;
• 3. Similar to ESAs, earnings grow tax-free, and withdrawals are tax-free when used for qualified education expenses.

• 1. While primarily designed for retirement, Roth IRAs allow penalty-free withdrawals for qualified education expenses;
• 2. Contributions to a Roth IRA can be withdrawn at any time without penalty, but earnings are subject to certain rules for education-related expenses.

• 1. State-sponsored plans that allow families to prepay for future college tuition at today's rates;
• 2. Some plans have residency requirements or limitations on where the funds can be used.

• 1. These accounts are designed for those with disabilities and their families to save for disability-related expenses, including education;
• 2. Earnings grow tax-free, and withdrawals are tax-free when used for qualified disability expenses.

• 1. Families can also save for education using taxable investment accounts, such as brokerage accounts;
• 2. Earnings are subject to capital gains taxes, but there's more flexibility in how the funds can be used.

• Some employers offer educational assistance programs that provide employees with funds or reimbursement for education-related expenses.