This time of year, with college about to begin in the Fall, many parents begin to think about their younger children’s higher education and how to save for it in preparation for their big day. Just what is an UTMA? And should you consider one for your minor child?
Many people are attracted to these because of taxes. However, going down that road is a double edged sword. What you might save in taxes, may cost you in financial aid … if the goal is to save money for college.
Talking with a qualified tax professional is suggested on this topic.
Please see my blog that put’s UTMA’s in perspective with other education funding options.
The article below may get your thinking started about what these may do, or not …
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