Savings for the Grandkids’ College Education

According to U.S News and World Report, in a recent survey, more than 50% of grandparents are saving or plan to start saving for grandchildren’s college expenses. Most of them chose to save into a 529 college savings plan that provides tax deferred growth and tax free withdrawal for education purposes. 529 college savings plans are free from federal income taxes until the money is withdrawn for qualified educational spending.

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Tax Savvy Giving

At First Pacific Financial, we often evaluate these types of strategies for our clients. There can be many factors to consider in your individual situation and these should be carefully understood and evaluated before making this a long term strategy.

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