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College Financial Planning

Planning for college is an investment in your family’s future—but doing it on your own can be an intimidating task. At Geier Asset Management, we can help you by conducting an analysis of your finances and running projections to determine how much money you will need to fund a college education for your children. Based on these projections, we will help you decide which funding scenario is the best for your situation—be it a lump sum or monthly contribution. Your potential college financial plans include:

Section 529 College Saving Plans

Section 529 plans offer tax-free growth if the funds are used towards post-secondary education—including tuition, room and board, supplies, etc.—and they are able to be passed from generation to generation if the funds go unused. There are potential state income tax deductions for the account holder, and section 529 plans can reduce the holder’s taxable estate. Anyone can contribute money on behalf of a beneficiary including relatives, friends, or even colleagues. The favorable gift tax treatment of 529 plans makes them a good estate planning tool.

Prepaid College Trusts

A prepaid college trust will lock in future college tuition prices at today’s rates and can only be used for tuition. These plans offer a potential state income tax deduction for the account holder. If the student attends an in-state public college, the plan pays the tuition and required fees. If attending a private or out-of-state college, the plan typically pays the average of in-state public college tuition, and then the family will have to pay the rest. These plans involve no risk to the principal and are often guaranteed by faith and credit of the state.

Uniform Transfers to Minors Act (UTMAs)

UTMAs are brokerage accounts for children under the age of majority (18 or 21).  This type of account allows donor’s to transfer income producing assets to children, who typically are in lower tax brackets. They provide a vehicle for gifts to be given to a minor, but are subject to the annual gift tax exemption limits. UTMAs are inexpensive to operate and offer increased flexibility for the account holder.   While not specifically designed to finance a college education, many investors use UTMA’s for this because the funds become available to the child at age 18 or 21 and are more tax efficient along the way.

When you choose Geier Asset Management to handle your college financial planning, we will help you through every step of the process to ensure success. We’ll determine which investment vehicle is most appropriate for your specific needs and complete the application process. Once the college fund has been established, we will invest the contributions and manage them regularly.

guide to saving for college

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Who We are

Meet our dedicated and experienced team at Geier Asset Management. We handle tax planning, investment management, financial planning, and retirement plan services for clients nationwide.
Joseph N. Geier, CPA

President/Client Manager
Brian Woods

Vice President/Client Manager
Gregory Palacorolla, CFP®

Director, Wealth Management
Daniel Mules, CPA

Client Manager
Brendan Winkler, CPA

Portfolio Accountant
Deborah Kresslein

Portfolio Administrator
Julie Keller

Executive Assistant