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Education Planning

If you are a parent, your child’s education is most likely a high priority.  With education costs at an all-time high, it’s more important than ever to have a plan to pay for higher education tuition and expenses. Fortunately, there are a number of products that can help you fund all or part of your children (or grandchildren’s) schooling. Cooper Financial can help you forecast your family’s educational needs, determine which College Savings Plan is right for you, and help you save accordingly. We will help you consider all payment options including income, gifting, maximum yearly contributions as well as programs that feature tax benefits so you will be ready to help fund their education well before selection and the arrival of the acceptance letter.

At Cooper Financial, we recognize that a good education provides more than just a diploma or degree; it is the foundation of a solid future. We can help you forecast your family’s educational needs and help you save accordingly, so you will be ready to help fund their education well before that acceptance letter arrives in the mail.

529 Accounts

We are parents too, and we know your child’s education is a high priority. As college and university costs continue to increase, it is important to have a plan to pay for these expenses as early as possible. Products like the 529 plan can help you fund all or part of your children’s (or grandchildren’s) education.

Save for college and education expenses, and enjoy tax advantages as well.
A 529 Plan is a state tuition savings program that enables individuals to save money on a tax-deferred basis to fund future college and graduate school expenses on behalf of a beneficiary, like a child. 529 Plans are established and maintained by a state agency, are administered by mutual fund companies and are designed to encourage saving for future college costs.

529 Plans allow contributions to a state sponsored plan for higher education expenses. A 529 Owner may change the beneficiary of the account to another eligible family member of the original beneficiary. Section 529 plans are authorized under IRC § 529 and are sponsored by the individual states. Some states may offer preferential state tax treatment if certain conditions are met. Contributions grow tax-deferred and qualified withdrawals are federal income tax-free. Gifts to a 529 plan qualify for the annual gift tax exclusion. Annual exclusion gifts to a 529 plan can also be non-loaded for a period up to 5 years. Taxable withdrawals may avoid the additional 10% penalty tax if they occur on account of death, disability, or receipt of scholarship.


Education Trusts

Trust funds allow a grantor to establish specifically designated funds that provide financial security to an individual, most often a child or grandchild, or organization, like a charity or other nonprofit. Trust funds can help you establish financial security for your children, minimize death taxes and in the process preserve your children’s own capital. One commonly used example is an Education Trust Fund.

Pay for a loved one’s tuition with a trust fund that states how the money is to be used.
Educational Trusts are trust funds that a parent or benefactor can set up and designate to be specifically used for education. These funds allow you to pass assets on to your child for their education and can be a flexible way to invest in your child’s future.