By: Oxana Saunders
Recently in our weekly blog post, we talked about 529 college saving plans. That blog prompted some of our readers to take a close look at what they were doing in preparation for college expenses. One of the questions that came up was how 529 plans differ from UGMA and UTMA accounts and which one is best for their particular situation.
Below is the comparison chart of these savings vehicles, but the short answer is if your primary goal is to help your children or grandchildren fund their college expenses and you want to control how that money is spent, then you may be better off with 529 plans.
Click on the image to view a savings comparison chart from SavingforCollege.com which summarizes and compares the features of 529 plans, ESAs, UTMAs, IRAs, and education savings bonds.
For a detailed analysis of your financial situation and what ways of saving for college could be most appropriate for you, please contact us for a free consultation.
Oxana Saunders is the Vice President of Path Financial, LLC. She may be reached at 941.894.2571 or email@example.com