College Funding Strategies |
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Family Situation
- Combined Annual Wages of $139,000
- 3 Children. 1 @ Junior, 1 @ Freshman, 1 @ 3rd grade
- Assets = $110,000 home equity, $82,000 Retirement Accounts, $20,000 in savings/checking, $84,000
in investments. - Consumer debt of $9,800
- Student income of $0 and each student had approx $11,000 in mutual funds.
- Financial aid eligibility was not an option, EFC was about $35,000 and they were all planning on going
to state schools. Our focused then shifted to minimize taxes and develop cash flow strategies to allow
parents to pay for 60% of ALL their children’s education in the most comfortable manner possible.
Solutions
- Specific assets were repositioned
- Strategies were developed to reduce debt by 3.6% and increase savings by 7.5% without increasing
their monthly budget amount. - Cash flow was reviewed and adjusted.
- Tax strategies were developed to reduce tax liability and increase cash flow.
- Retirement strategies were utilized to reduce taxable income.
Results
- ALL the children had their education fully funded.
- An additional $250,000 was added to their retirement fund.
- Their home was fully paid off in 20 years.
- A hands on student profile was completed to ensure the student was starting out with the best possible
chance of hitting their major and career choice. - Profiles and student assessments will be completed for all children.
| Case Studies - Category 4 |
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| Strategies You Can Apply You can give gifts to a Qualified Tuition Plan (IRC Sec. 529) which can be used to shift income and assets to a child |
College Funding Strategies Proudly Serving Families in Northeast Wisconsin |