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Securing your child’s future with estate planning

Sending your child to college might be one of your biggest milestones as a parent. This entails a significant expense, especially if your child wishes to enter a private university. Planning for your child’s education is critical to ensuring that they reach their goals, even when you are already gone.

A comprehensive estate plan involves intricate strategies for transferring your wealth to your beneficiaries after your death. However, more than this, an estate plan enables you to ensure that your loved ones, including your child, who might be going to college then, receive proper care. Guarantee your child’s college by including it in your comprehensive estate plan.

What is a trust fund?

You can tailor trusts according to how you want to use and distribute your assets. For instance, an educational trust fund allows you to dedicate a part of your assets to your child’s tuition. As trust funds are tax-exempt, your child could receive the entirety of your trust.

What is a 529 account?

Governed by Section 529 of the Internal Revenue Code, this investment plan offers one of the best ways to save for your child’s college. Earnings in a 529 plan are tax-exempt if used for education expenses like tuition, school fees, books and boarding.

The key to securing your child’s future is starting educational funds early, and this includes incorporating education plans into your comprehensive estate plan. With various factors to consider, you could feel overwhelmed about the best path forward. Seeking the help of an experienced estate planning attorney is invaluable in this circumstance. They can evaluate your specific goals, assess your current financial situation and design a comprehensive plan to grow and protect your education fund for your children’s future.