For families in places like Syosset, Princeton, and Denver, planning for college expenses is one of the biggest financial goals outside of retirement. The cost of higher education continues to rise, but with the right strategy in place, you can prepare thoughtfully—and avoid taking on unnecessary debt.

 

Start Early If You Can

The earlier you begin saving, the more time your money has to grow. Even small, consistent contributions to a college fund can add up over time. That’s why many families in areas like Bethesda and Roseland explore options like 529 plans or other tax-advantaged savings tools when their kids are still young.

 

Understand Your Options

Not all college savings strategies are created equal. Some give you flexibility and tax advantages, while others offer more control or broader use.

 

Here are a few options we walk through with families:

- 529 Plans: State-sponsored accounts that grow tax-free when used for qualified education expenses. Many states offer tax deductions or credits for contributions.

- UTMA/UGMA Accounts: Custodial accounts that can be used for any purpose, but assets are considered the student’s for financial aid purposes.

- Roth IRAs (strategically used): While typically used for retirement, Roth contributions can sometimes be withdrawn penalty-free for education.

 

We help clients in Denver, NYC, and Maryland compare options based on their goals, tax situation, and financial aid expectations.

 

Don’t Forget to Plan Beyond Tuition

Books, housing, meal plans, transportation, and other costs can add thousands to the bill. We work with families to build a full college funding strategy—not just a savings account—so they’re not caught off guard when the time comes.

Quick College Planning Tips

- Open a 529 account as early as possible

- Contribute consistently, even in small amounts

- Discuss college expectations with your child

- Consider financial aid and merit-based scholarship impacts

- Work with a financial advisor to project total costs

 

Ready to Take the Guesswork Out of College Planning?

Legacy Edge Advisors helps families across New York, New Jersey, Colorado, and beyond create college savings plans that fit their life. Contact us today for a personalized education planning session and explore strategies built around your family’s future.