Education Planning Services

Next to saving for retirement, the most significant financial challenge is usually saving for your children’s college education. We are aware of our client’s concerns:

  • How much will a college education cost when my child turns 18?
  • How much do I need to save each year to afford their education?
  • What type of accounts should we be funding?
  • What if my child gets a scholarship?
  • How do I know which school my child will attend?
  • What if my child attends a trades school or joins the military?
  • What if I need the money for non-education expenses?
  • Who will have ownership of these savings accounts?

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 by assisting you in setting up a college savings plan.


Projecting College Costs

We understand college can be very expensive, and we know how important it is to provide a bright future for your children. The best way to achieve your savings goal is to save sooner and to save often. It is better to set aside savings over time instead of waiting until the last few years to set aside money for upcoming education costs. We have access to resources that will allow us to forecast the future cost of education as well as calculate the amount of savings needed to achieve that goal.


Coordinating Education and Retirement Savings

Lastly, we prepare financial plans holistically by analyzing all of your goals in relation to each other. Sometimes clients need to make the decision on whether they want to prioritize education or retirement savings. This can be a very tough decision for clients since they may decide to sacrifice their retirement savings in order to provide an education to their children. We have the tools available to show you the effect of diverting retirement savings and how this may impact your overall plan.


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529 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).

Contact Us

Summit Financial Consulting LLC

Working With People You Trust.

43409 Schoenherr Road, Sterling Heights, MI 48313

Phone: 586-226-2100
Fax: 586-226-3584


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The Fine Print

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Advisory services are offered through Summit Financial Consulting LLC, DBA Summit Financial Working With People You Trust, an SEC Investment Advisor. Registration with the SEC or being registered as a registered investment adviser does not imply a certain level of skill or training. Summit Financial Consulting LLC and its representatives do not render tax, legal, or accounting advice. Insurance products and services are offered through Summit Health Services, LLC and Summit Insurance Services, LLC. Tax products and services are offered through Summit Tax Services LLC. Summit Financial Consulting LLC, Summit Health Services LLC, Summit Tax Services LLC, and Summit Insurance Services, LLC are affiliated entities.

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