Next to saving for retirement, the biggest financial challenge is probably saving for your child’s college education. We are aware of our client’s concerns:
• How much should I save?
• How much should I contribute each year?
• How much will a college education cost when my child turns 18?
• What if my child gets a scholarship?
• What if my child decides to tour Europe instead of going to college?
• Can I cash out the account and take a dream vacation?
We empathize with these concerns and incorporate them into your overall financial plan. In Michigan, there are quite a few options you have in saving and preparing for your child’s higher education. One way we implement education planning into your financial portfolio is assisting you in setting up a college savings plan.
529 Plans have the following benefits:
• You pay no taxes on the accounts earnings.
• The child does not have control or access to the account – you do.
• If the child does not want to go to college, you can roll the account over to another family member.
• Anyone can contribute to the account.
• There are no income limitations that might make you ineligible for an account.
• If the child gets a scholarship, any unused money can be withdrawn without paying any penalty (just the tax).
We are located at:
43409 Schoenherr Road
Sterling Heights, MI 48313
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Investment advisory services are offered through Summit Financial Consulting, LLC, a MI registered investment advisor. Insurance products and services are offered through Summit Financial Consulting, LLC. Summit Financial Consulting, LLC and its representatives do not render tax, legal, or accounting advice. Summit Financial Consulting, LLC is not affiliated with or endorsed by the Social Security Administration or any government agency.