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Education Planning
If you have children of your own, you've no doubt wondered about the best way to teach them to manage money. Everybody's approach is a little different, but, as with all things in life, the sooner we start educating our children about money, the more likely they'll become financially responsible adults.
529 plans have traditionally been about the future. While using them in the present is now possible, it limits the plan's inherent tax benefits and you may be unwinding what you prepared for college. With college tuition rising on an annual basis, we cannot afford to let the use of a 529 plan in the present replace what it was initially designed to do.
There is a little known loophole for making larger gifts without affecting the lifetime gift exclusion.
Dr. Blake McGowan is one of our firm’s biggest strengths.
We have stayed away from using UTMA's. The reason is in the details:
