Evaluate Your College Savings Plan This Fall

As we head into fall, we spend much of our time talking with clients about college planning—whether it’s determining the eventual cost of your newborn’s tuition and establishing a college savings plan, or your children have left for college and you’ve become an empty-nester. Regardless of your financial situation, it’s the perfect time to think about education. Recently, we conducted a year-end review for one of our clients—an attorney whose practice is based in Minnetonka—to determine education funding options for her family. She and her husband have established college savings plans for their children, but they also have the option of drawing from a generation-skipping trust fund from their grandparents. Our review helped to determine the funding options that were appropriate for them, as well as how they can invest the remaining assets which can help them work towards future financial goals.—Christina K. Boyd To determine the best college savings plan for your family, visit your financial advisor or contact wealthmanagement.ml.com. Christina K. Boyd, CFM, CRPC, is the managing director of wealth management for Boyd, Bencini, Gibbons & Associates and a senior financial advisor for Merrill Lynch.