Saving for college and establishing college funds are a concern for many parents these days. A Univest financial advisor can help make the steeply rising cost of college tuition and paying for college less intimidating, and more achievable. We will work with you to compare college savings options and help you choose which college savings plan is right for your particular situation.
529 College Savings Plans
A 529 Savings Plan allows you to contribute large sums towards your child's future education while offering tax-advantaged savings, flexibility and professional investment management. Plan contribution limits are generous and there are no income limitations or age restrictions on a 529 College Saving Plan.1
Coverdell Educations Savings Accounts
Coverdell education savings accounts, also known as education IRAs, let you save for a wide range of qualified primary, secondary and higher education expenses in a tax-efficient way.
A custodial account under the Uniform Gifts to Minor Act (UGMA) can be an effective way to save for your child's education. Custodial accounts allow you to contribute as much as you like and give you maximum control over investment choices and decisions. Account investments and distributions are managed by a custodian (usually a parent) until the child reaches a specified age. Custodial accounts can offer a favorable tax treatment of investment earnings.
1) Univest Investments, Inc. does not provide tax or accounting advice. Consult a tax advisor regarding your personal situation. Withdrawals for reasons other than qualified education expenses may be subject to ordinary income tax and a 10% federal penalty on earnings. An in state 529 plan may allow for tax benefits not available in an out of state sponsored plan.
Securities and insurance products are offered through Univest Investments, Inc., Member FINRA and SIPC, and a licensed insurance agency. Univest Investments, Inc. is a licensed subsidiary of Univest Corporation of Pennsylvania. Securities and insurance products offered are not FDIC insured, are not a deposit of or bank guaranteed, and are subject to risks, including possible loss of principal amount invested.