What is a 529 College Savings Account?
A 529 plan is a college savings plan that offers tax and financial aid benefits. 529 plans may also be used to save and invest for K-12 tuition in addition to college costs. There are two types of 529 plans: college savings plans and prepaid tuition plans. Almost every state has at least one 529 plan. There is also a 529 plan operated by a group of private colleges and universities.*
What are UTMA and UGMA Accounts?
UGMA and UTMA accounts are both custodial accounts, held in the name of the minor, but controlled by a parent or other relative until the child reaches the age of majority in your state.
UGMA and UTMA accounts allow parents to save money and invest, maintain full control until their child is an adult. UTMA stands for Uniform Transfers to Minors Act, and UGMA stands for Universal Gifts to Minors Act. Both accounts allow you to transfer financial assets to a minor without establishing a trust.*
Countdown to College
This article highlights a four-year tracker for key college milestones in preparation for college. From Freshman to Senior Year of high school, your student must stay on top of pivotal college milestones in order to start their college career successfully.
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