If you plan to help your child cover his or her college expenses, you may want to start saving now if you can fit it into your budget.
There are several types of education savings plans with investment options – hooray for compounding interest! Among them are Section 529 Plans (sometimes called College Savings Plans), Coverdell Education Savings Accounts, Uniform Gifts to Minors Act/Uniform Transfers to Minors Act (UGMA/UTMA) Custodial Accounts, and Traditional and Roth IRAs. Each has its pros and cons, and tax implications.
How Everence can help
An Everence representative can help you figure out which options is the best for your situation. You could also talk to your tax and legal advisors about the specific tax and estate planning considerations of the different plans.