Kotys Wealth Professionals offer insight on financial planning for higher education

The cost of college has increased exponentially and continues to increase steadily over time. Because of this, setting up a secure college savings plan is a necessity for every family. That’s where Kotys Wealth Professionals comes in.

Kotys Wealth Management offers expertise to clients when it comes to education funding. Even as the world shifts, responsibilities grow, and unexpected hurdles strike, clients can depend on Kotys to help them financially plan for higher education.

The professionals at Kotys can help families explore saving for college through 529 Plans, Coverdell Education Savings Accounts, minor trusts, and other opportunities.

A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. 529 plans, legally known as “qualified tuition plans,” are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code.

Coverdell Education Savings Accounts work very much like a 529 plan, offering tax-free investment growth and tax-free withdrawals when the funds are spent on qualified education expenses. In addition to college expenses, certain K-12 purchases also qualify when using a Coverdell ESA.

An education trust is another flexible way to invest in a child’s education, as parents can set up a trust using either property or funds to benefit their child at a future date. The appointed trustee will only be able to access assets at the point of responsible age, helping to reduce the risk of reckless spending of money set aside for education.

Kotys Wealth sees the importance and value that families place on higher education for their children, and advises that it is in a client’s best interest to seriously explore savings options early, rather than only considering borrowing later.

In general, professionals at Kotys Wealth Professionals pride themselves on focusing on each client and their unique financial goals. While their main office is located in Valparaiso, Kotys Wealth Professionals serves all of Northwest Indian into the greater South Bend and Michiana area. The company is a fee-only fiduciary, which means every service provided is geared toward the best interest of their customers, 100 percent of the time.

Before officially getting down to business, Kotys Wealth professionals insist on taking the time to get to know their clients. They narrow down what each client wants for themselves and their families, how’d they like to invest, and their plans for the future. Then, they set out to educate and provide clients with a wide range of financial strategies to help them achieve their goals. Kotys Wealth Management envisions money simply as a tool to help clients realize their dreams as they strive to reach a higher purpose with their wealth.

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