College Planning

Video Library

Scroll through the Perspective Financial Services Video Library to watch original, brief videos on a wide range of personal financial planning and investing topics. (more…)

529 Education Savings Accounts and Grandparents

Grandparents often want to assist their grandchild with college. But they don’t know the best ways to help. In this brief video, Jim Mailliard talks about grandparents and 529 education savings accounts.

These investment vehicles are state-sponsored college savings plans. They invest money on behalf of participants, much like mutual funds invest shareholder money. Earnings grow tax-deferred, and withdrawals can be used for a variety of qualified education expenses.


By |2020-09-29T14:58:36-07:00November 12th, 2019|College Planning, Video Blog|

529 Education Savings Plan Updates

529 Education Savings Plan UpdatesIn July, the Internal Revenue Service (IRS) and Department of the Treasury announced new regulations related to recent tax law changes that affect 529 plans. The 529 education savings plan updates have to do with k-12 education and rollovers to Achieving a Better Life Experience (ABLE) accounts.

The 2017 Tax Cuts and Jobs Act (TCJA) allows distributions from 529  plans to be used to pay up to a total of $10,000 of tuition per beneficiary (regardless of the number of contributing plans) each year at an elementary or secondary (k-12) public, private or religious school of the beneficiary’s choosing.

Another TCJA change allows funds to be rolled over from a designated beneficiary’s 529 plan to an ABLE account for the same beneficiary or a family member. ABLE accounts are tax-favored accounts for certain people who become disabled before age 26, designed to enable these people and their families to save and pay for disability-related expenses. The regulations would provide that rollovers from 529 plans, together with any contributions made to the ABLE account cannot exceed the annual ABLE contribution limit ($15,000 for 2018).

To learn more about the changes, visit the IRS official website.

To learn more about 529 plans and how they can help beneficiaries, as well as those who contribute funds, click on our article below.

By |2019-08-14T13:59:48-07:00September 10th, 2018|College Planning, Current Affairs, Taxes|

Baby Steps to Your Financial Future

Baby Steps to Your Financial FutureMy wife and I were recently blessed with our first child. Like most parents, we were excited to start this new chapter of our lives as a family. Accompanied by all the wonderful emotions and thoughts of being new parents were our worries about providing for our baby’s future. My wife asked how we should save for his education, knowing the current economic environment requires that parents start saving for higher education costs as soon as possible. It’s natural to feel overwhelmed by this question, because there are many options to explore. Ease those feelings by taking baby steps to your financial future.

First Things First – Create a Budget

Before you can make an informed decision about how to start saving for post high school education, however, you should go back to the basics. Start by creating a budget that includes all of your current necessities (including saving for your own retirement) and then add all the needs of your new little one (items such as diapers, formula, baby clothes, daycare and so on).

Once you have that information organized and prioritized, you can decide how much can be saved for your child’s future education. The cost of education has been steadily rising over the last several decades. According to a USA Today report, the average inflation rate for university tuition is about 6 percent, double the national average for inflation.

Explore College Saving Options

One of the best ways to combat this problem is a college savings vehicle known as a 529 plan. Contributions to a 529 are invested in mutual funds to help your money keep up with or outpace inflation; earnings grow tax-deferred and, as long as the funds are used for education costs, the withdrawals are tax-free. There are many 529 plan options, and your Perspective advisor can help you compare and choose the one best for your family.

Having a budget and making a decision on how to invest for education is sure to free up time, so you can enjoy the fleeting moments of wonder with your new bundle of love. They are only babies for a short time!

Baby Steps to Your Financial Future Bonus: This article in the resource center offers a solid overview of 529 college savings plans.

By |2019-08-14T13:59:49-07:00April 24th, 2018|College Planning, Financial Planning|

Investing in Your Grandchild’s Education

college graduate with grandmotherInvesting in your grandchild’s education is a generous gift that can have a life-long impact, especially as the cost of attending college rises every year. According to data reported in U.S. News Best Colleges rankings from 1995 to 2015, the average in-state tuition and fees at public universities grew nearly 300 percent.

You have a lot of options from which to choose. Some are more complex than others. This short video highlights some of the benefits and potential drawbacks on a few of those options.

It’s important to weigh your options thoughtfully, while also ensuring your personal financial needs are being met and that you’ll have sufficient resources in your retirement. Your financial planner can be a helpful resource and guide as you consider the best option for you and your grandchildren.

Investing in Your Grandchild’s Education


Select photos in video courtesy of Stuart Miles, dread design, cool designs, satit_srihin and adamr at