Work with our financial planning team to determine the right tax efficient strategy and contribution amounts. Then sit back and watch your children and their fund grow together.
Personalized financial planning solutions for a fraction of the cost that traditional CFPs charge
How does it work?
The goal is to help you make the right decisions now so that you can fund the type of education you want for your child. Working alongside our planning team, you’ll learn how you’re doing today. Get the advice you need to have confidence that your plan is on track. Our financial planners will:
Complete an education needs analysis
Review your current education savings and contributions
Project the funding success for your current plan
Prepare and present any proposed changes (i.e. changing your contributions, establishing new accounts, reviewing potential tradeoffs, etc.)
Our team will complete a full review of your education savings strategy when you get started with us and help you proactively monitor along the way. However, if there is a significant change to your financial situation, please reach out and we’re happy to adjust your plan accordingly.
Education costs have significantly increased over the years, a trend that will likely continue. Your Range financial planners have access to a full suite of industry-leading analysis tools to determine if you’re on track for funding your education goal. Once we capture the data needed for your specific situation, we will populate your profile with the funding summary highlighted below. That way you can access the essential details of your education plan without having to comb through your multi-page comprehensive financial plan.
We do not recommend that you fund more than 50% of your education savings goal in a 529 plan. This is because, should your child either not attend college or receive scholarships, you could end up over-funding the account. Non-education related distributions from the 529 plan are subject to a 10% income tax penalty. Reduce your annual 529 contributions to $1,800/year ($150/month).
Education Plan Recommendation Example
Establish and fund a UTMA account
A UTMA (Uniform Transfer to Minors Act) account can hold physical assets, like real estate, art, or vehicles, in addition to financial assets such as stocks, cash, mutual funds, etc. Another benefit is that the UTMA usually allows you to delay when the account transfers to your child’s ownership. For example, Washington’s age of trust termination is 25, so you can specify that the assets don't transfer to your child until then, instead of at age 18. Once established, fund with $1,800/year ($150/mo).
Still have questions?
Set up a 1:1 call with our team to get a walk through of the product. Just take a moment to create an account and fill out our form.
Range Finance, Inc. ("Range") is an SEC registered investment adviser headquartered in Mclean, Virginia.
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