Review: Beneficial Information-Great Reference Book!
Rating: 5 out of 5
Date: 05 2, 2014
Wither its saving for a car, house or for your child's future there are a variety of ways this can be achieved. This book hits base on how to save for your child's future, this can be a daunting and stressful task, but this book provides great options on how to achieve this goal for your child! 529 plans are qualified tuition plans which can be used for college expenses and they are available in each state, which these plans are tax exempt. Roth IRA accounts which allows you to make tax-free withdrawals as long as the funds are used for college expenses without having to deal with early distribution penalties. Steven Evans also presents the option of Coverdell Education Savings Account; which is an account opened at any bank, stockbroker, or mutual fund company. With this account, you (the owner) choose how funds are invested, however this account limits the amount of money you can save; there is a maximum of $2,000 per year, there is not a tax deduction for this type of account. Custodial, and Investment accounts are also explored. I can honestly say I was NOT aware of the Coverdell ESA, so I learned something beneficial. The book provides brief yet detailed information about the different options available, after all is said and done, it will be up to (the parents) to decided which option is best for you and your child's individual needs. Rest assure there are options to fit each families goals. Good book to have and reference as needed for saving for your child's college education.