Smart Education Planning Strategies For Your Portfolio
Knowing your options when making decisions regarding your children’s or grandchildren’s college savings plans is important. However, the process of identifying the right plan(s) to meet your specific needs and understanding the associated tax benefits can be complicated and confusing.
That’s where we can help. Our approach starts with fully understanding your views and values around education for your family and goals of funding all or a portion of the costs.
The first step is working with your Commerce Trust advisor to complete our Education Analysis Questionnaire. At that point, we can provide you with a complete analysis that identifies the best type of savings plan for each child – as well as contribution and withdrawal projections for each recipient, detailing projected over-funding or shortfalls.
Next steps
If you’re considering an education planning strategy as an option for your portfolio, the advisors at Commerce Trust are here to help you choose the right plan that suits your family’s needs. Additionally, we can help you understand education tax credits and deductions, as well as how to utilize special gifting techniques.
These three articles may provide further insight pertaining to this investment planning opportunity:
The Juggling Act of Saving for Retirement and College
By: Robert E. Whitney, Jr., CFP®, Vice President, Senior Financial Planner
Retirement doesn’t have to take a back seat to a child’s education. There are ways to save for both at the same time.
Read More
Consider Gifting Education as a Wealth Strategy
By: Morgan Kilgore, Assistant Vice President, Private Client Advisor
Funding a child’s or grandchild’s schooling may offer tax benefits for you too.
Read More
Power of Attorney: Does Your Young Adult Have One?
By: Brynne C. Brown, J.D., M.B.A, LL.M, Trust CounselLearn why having this legal document is an important step in protecting your young adult’s financial health and well-being.
Read More
Past performance is no guarantee of future results, and the opinions and other information in the commentary are as of September 22, 2022. This summary is intended to provide general information only and is reflective of the opinions of Commerce Trust. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.
Commerce does not provide tax advice to customers unless engaged to do so. Commerce does not provide legal advice to its customers. Consult an attorney for legal advice, including drafting and execution of estate planning documents.
Commerce Trust is a division of Commerce Bank.
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