Page 19 - Palm Beach Vol 6 No 3

There is no more precious gift you can give a child than a college education.”
child’s chance of getting federal aid. is account can be used for any level of educational costs. It only allows $2,000 per year per child and eligibility phases out for couples earning more than $190,000 a year. Funds not used by the time your child is age 30 may be subject to tax.
Parents Funding Educational Costs While the Student is in College.
is option has many disadvantages to it. Many parents today are still pay- ing their student loans while they are trying to fund their own children’s col- lege. Further, parents should be saving for their own retirement during this time and college funding severely limits the parent’s ability to accomplish this goal. It causes parents to postpone retirement or to retire before it is nancially feasible if there are health problems or extenuating circumstances.
ere are many ways to save for and fund college; it is important to re- view your circumstances to determine which combination work best for you and your family. e wrong decisions can cause problems many years down the road!
Tax laws are complex and subject to change. Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its a liates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice and are not “ duciaries” (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise provided in writing by Morgan Stanley. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a retirement plan or account, and (b) regarding any potential tax, ERISA and related consequences of any investments made under such plan or account. The Harbor Financial Group at Morgan Stanley is a nancial advisory team with the Wealth Management division of Morgan Stanley in Boca Raton, FL. The information contained in this article is not a solicitation to purchase or sell investments. Any information presented is general in nature and not intended to provide individually tailored investment advice. The strategies and/or investments referenced may not be suitable for all investors as the appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Investing involves risks and there is always the potential of losing money when you invest. The views expressed herein are those of the author and may not necessarily re ect the views of Morgan Stanley Smith Barney LLC, Member SIPC, or its a liates. CRC1688499 02/17
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Vol. 6 No. 3 Attorney at Law Magazine® South Florida | 19