by Mitch St Thomas | Apr 29, 2025 | Tax Planning, Uncategorized
When surveyed by The College Investor (TCI), 75% of parents with college-bound children said that they are currently saving for their child’s college education. TCI also found that over 80% of parents are concerned about the impact of inflation on college savings. The...
by Micheal E. McKinnon, M.Ed., CCPS; College Planners of America, Ltd | Nov 15, 2023 | Tax Planning
Business owners hire their children for sound reasons such as instilling a strong work ethic, teaching responsibility, encouraging entrepreneurship, reducing taxes, and saving for a college education. The Tax Cuts and Jobs Act of 2018(TCJA) enables the last two of...
by Micheal E. McKinnon, M.Ed., CCPS; College Planners of America, Ltd | Nov 9, 2023 | Tax Planning
When grandparents do estate planning, they often want to provide for their grandchildren’s education. They seek to ensure that assets put aside for grandchildren are used to cover the costs of college and nothing else. Toward this end, they should consider adding a...
by Micheal E. McKinnon, M.Ed., CCPS; College Planners of America, Ltd | Oct 19, 2023 | Tax Planning
The Uniform Transfers To Minors Act (UTMA) and the Uniform Gifts to Minors Act (UGMA) are two laws that, combined, give us the term “UTMA/UGMA”, perhaps the most indecorous acronym in college financial planning. Yet UTMA/UGMA’s are a useful tool for those seeking to...
by Micheal E. McKinnon, M.Ed., CCPS; College Planners of America, Ltd | Sep 27, 2023 | Tax Planning
A Crummey Trust is one of several methods of accumulating assets for a child’s education. It’s most helpful in cases in which the value of the assets is large and the complete distribution of them to a child before age 21 is undesirable. Crummey Trusts offer an...
by Micheal E. McKinnon, M.Ed., CCPS; College Planners of America, Ltd | Sep 17, 2023 | Tax Planning
A Coverdell Education Savings Account (CESA) is a trust or custodial account set up to pay the college expenses of a designated beneficiary without ever incurring a tax liability on the earnings in the account. CESA’s involve two parties: a custodian, who manages the...
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