Nevada 529 Planning For College
“Education is the most powerful weapon which you can use to change the world.”
- Nelson Mandela
Nevada 529 Plan: College Education Planning & Funding
A Nevada 529 plan is a tax deferred account specifically designed to help families save money for college and other education funding needs. The Nevada 529 plan design is a very popular and cost effective option for college savings. Tuition and other expenses for a college education have risen exponentially in recent years. As of 2009, a year of education at a private university will cost an average of $26,273. A public university will cost an average of $7,020 per year. According to CNN, college tuition costs have risen at an astounding amount of four times the inflation rate. Parents can expect to spend 439% more for a college education today than they did in 1982 – and that number is after adjusting for financial aid.
These costs are predicted to continue a rapid increase. As college education expenses continue to rise, it is more important than ever to have a sound investment strategy in place in order to assist you in saving for your child’s education. If you are interested in saving money for education, A Nevada 529 plan may be a good option for you.
Elysien Private Wealth can offer you unbiased, objective education planning advice and Nevada 529 plan options. These Nevada 529 plans can help you put together a sound investment strategy for college education. We can incorporate your Nevada 529 plan strategy with your overall financial plan and will show you how saving for college through a Nevada 529 plan can provide tax savings and financial well being for your family or estate.
If you are a grandparent who is looking to provide for a loved ones education, we can help you establish a Nevada 529 plan to gift funds for college expenses. These Nevada 529 financial planning solutions will not only help you give back to your family or community, but also mitigate your estate tax burden.
Elysien Private Wealth has four investment programs that can help you save for college:
- A Nevada 529 College Savings Plan is a state-sponsored education-savings program that allows individuals, regardless of their income, to set aside assets in a tax-advantaged investment account to pay for a beneficiary’s post-secondary education. The Nevada 529 College Savings Plan can be administered by a variety of state plans and the benefits can be transferred across state lines.
- A Nevada Coverdell Education Savings Account (ESA, formerly called an Education IRA) is a tax-advantaged investment account set up and managed by a parent or other adult for the benefit of a minor. It can be used to pay for qualified education expenses for K-12 grade (only through 2010) and for college.
- A Custodial Account is a brokerage account established under the Uniform Gifts to Minors Act (UGMA) or the Uniform Transfers to Minors Act (UTMA), and managed by an adult for the benefit of a minor. It is used to pass irrevocable gifts to a minor, or as a savings account for the child.
- A Custodial IRA account is a retirement account for minors with earned income, which allows savings to grow either tax-free or tax-deferred. The account is established under UGMA/UTMA as a Traditional IRA, Roth IRA or Roth Conversion IRA, and is managed by a parent or guardian.