College Savings Plans529 is a category of plans that provide tax advantages when saving and paying for higher education.As parents we all want to have the ability to provide our children the best possible education. With today’s rising cost for higher education, “How are we going to afford this?” is frequently asked first. Other questions many parents have asked-Do I have to pick a college today?What if my child wants to attend an out of state college?What if he/she doesn’t attend college?Types of College Savings PlansPre-Paid plans allow the plan holder to pay for tuitions and fees at a designated institution in advance.Purchase tuition credits at today’s rates to be used in the future (Performance is based on tuition inflation)Administered by states and higher education institutionsA Savings Plan is a tax-advantaged vehicle where the funds are used to pay for qualified expenses.Based on market performance of underlying investments (such as mutual funds)Administered by states onlyWhen and How should I Start a Plan?As daunting a task of paying for college can be, it should not delay in starting the process. The first step is talking with a trusted advisor who can review your current situation. Whether you have not started a plan or feel you are “Behind” in the process, committing to the first step and “have that discussion” can be very helpful. Our discovery process will help educate, plan and prepare for issues that arise. Once the plan is started, monitoring and reviewing regularly to ensure you stay on track for the commitment you made for your children.Navigating and planning for higher education can be overwhelming but you do not have to do it alone. Whether you are a first time parent, single income earner, Innovative Financial Group can help review options, create a workable plan and help you stay on track. Call today for a complimentary conversation.Business StrategiesBusiness ContinuityBuy/Sell AgreementCross Purchase AgreementEntity PurchaseKey Person InsuranceSuccession Planning ServicesBusiness StrategiesGroup Benefits401KDeferred CompensationExecutive Benefit PackagesPersonal Insurance PlanningLife InsuranceLong-Term Care InsuranceDisability InsuranceSpecial Needs InsurancePersonal Financial PlanningInvestmentsRetirement PlanningCollege SavingsInnovative Financial Group – Atlanta 3520 Old Milton Parkway Alpharetta, GA 30005You Can Call Us Now: 678-338-4400 Have a Question Name Email Address Phone Question Thank you! Oops!