Education Planning

Are you considering the funding requirements of future education costs for your children, grandchildren or yourself? With costs for college and private education continuing to escalate faster than inflation, it is important to plan for how will you pay for it all?

Fortunately, there are a number of options available for you. Dugan & Lopatka Financial Services offers several education planning services to help finance the educational dreams of your children, grandchildren or yourself.

Whether its for college or private education, we will help you evaluate the various education funding alternatives that exist and develop an education planning strategy that is appropriate given your goals and income levels.

Our education planning expertise includes a variety of areas:

529 College Saving Plans

Qualified state tuition programs or 529 College Savings Plans are designed to help people save for the cost of higher, and in some cases, secondary education. 529 College Plans provide several key benefits for investors, including tax savings, flexibility in selecting portfolios management, and offer the ability to control dispersions to beneficiaries.  Learn More.

Education IRAs - Coverdell Education Savings Accounts

A Coverdell ESA, formerly known as an Education IRA, is a trust or custodial account created to pay the qualified education expenses of a designated beneficiary. Parents, grandparents, other family members, friends and children themselves may deposit money for each beneficiary under 18 years old. The money contributed accumulates tax-free until distribution and the beneficiary will not owe any tax if withdrawn for qualified higher education expenses at eligible educational institutions.  Learn more.

Education Trusts

There are several alternatives for planning for education financing with the use of trusts.  Two traditional methods are through the Uniform Gift to Minors Act (UGMA) and the Uniform Transfer to Minors Act that established a simple way for parents to transfer stocks, bonds, mutual funds, annuities, real estate, fine art, patents, copyrights and life insurance policies to their children.  Another approach is by use of irrevocable trusts.  An irrevocable trust is a relationship whereby property (including real, tangible and intangible) is managed by one person (or persons, or organizations) for the benefit of another, in this case, for educational funding.  Learn more.

Give us a call if you need to plan for your, your children's, or your grandchildren's education.