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Wealth planning and protection

Funding education

Looking for ways to support a child's future success? As costs rise for school tuitions and college degrees, the gift of education is a smart choice.

You can prepare a strategic funding-education plan with guidance from an Lee Miles Wealth Management financial advisor. Let us help you make a difference.

You have options—from 529 plans to loans, and from IRAs to custodial accounts like the Uniform Gifts to Minors Act (UGMA) and the Uniform Transfer to Minors Act (UTMA). Rely on our experience to help guide and support your decision.

At the head of the class: 529 plans


Saving for education isn’t limited to college. Use a 529 plan to fund a child’s elementary or secondary school tuition, too. You can withdraw up to $10,000 per year tax-free at the federal level to pay for tuition or room and board.

Contributions to a 529 plan grow tax deferred. Some states also offer income tax benefits. Other 529 plan benefits include high lifetime contribution limits, tax-free access for qualifying expenses, the ability to change the beneficiary and more.

Custodial UGMA and UTMA accounts offer flexibility


Custodial accounts, which offer potential tax benefits, let parents, grandparents and others transfer and invest money for a minor.

The child has limited access to the account—to use the money for educational or non-educational expenses—until they reach the age of majority. Once they do, they can take control of the account and use the assets for their college education, to purchase their first home, start a business or begin their own investment and estate planning.

Education planning considerations

We’ll guide you through the details, including:

  • Balancing the competing needs to save for your retirement and to save for a child’s education

  • How institutions determine a student’s financial need

  • How an education plan affects taxes, financial aid eligibility and tax credits

Your support contributes to their success. We’ll show you how saving for a beloved child’s education can fit into your plans.

Important disclosure information about 529 plans and tax advice.

Lee Miles Wealth Management does not provide tax or legal advice.

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