Education Accounts

Opening a college savings account is a smart way to establish an education fund for a family member, a friend, or even yourself.

Opening a college savings account is a smart way to establish an education fund for a family member, a friend, or even yourself.

Saving for College

Opening a college savings account is a smart way to establish an education fund for a family member, a friend, or even yourself. These accounts can offer tax benefits, and depending in which plan you choose, you can invest in a broad range of different types of investments. Our education and custodial accounts give you many different options, so contact us to learn more and get some help.

529 Plans

529 Plans allow you to save for college while your money grows tax-deferred. Plans are designed to meet the needs of virtually every family and every budget.

Account Minimums and Fees:

  • No income limitations
  • Contributions must be made in cash
  • Each state can establish their own minimums and maximums

Custodial Accounts

With a custodial account, a minor can own cash or securities that are controlled by a custodian until he or she meets the age of majority in the state the account was set up.

Account Minimums and Fees:

  • $3,000 US to open
  • Fees vary

Education Savings Accounts

The Coverdell ESA is a savings plan created for the purpose of paying a student’s qualified educational expenses. These can include, but are not limited to tuition, books, and uniforms.

Account Maximum:

  • $2,000 per designated beneficiary per year

Compare Education Savings Options

There are a number of investment accounts you can use to help save for a child’s education. Each offers different features and benefits and can be opened by a friend or relative on behalf of a child.

Saving for College

Opening a college savings account is a smart way to establish an education fund for a family member, a friend, or even yourself. These accounts can offer tax benefits, and depending in which plan you choose, you can invest in a broad range of different types of investments. Our education and custodial accounts give you many different options, so contact us to learn more and get some help.

529 Plans

529 Plans allow you to save for college while your money grows tax-deferred. Plans are designed to meet the needs of virtually every family and every budget.

Account Minimums and Fees:

  • No income limitations
  • Contributions must be made in cash
  • Each state can establish their own minimums and maximums

Custodial Account

With a custodial account, a minor can own cash or securities that are controlled by a custodian until he or she meets the age of majority in the state the account was set up.

Account Minimums and Fees:

  • $3,000 US to open
  • Fees vary

Education Savings Accounts

The Coverdell ESA is a savings plan created for the purpose of paying a student’s qualified educational expenses. These can include, but are not limited to tuition, books, and uniforms.

Account Maximum:

  • $2,000 per designated beneficiary per year

Overview

Saving for College

Opening a college savings account is a smart way to establish an education fund for a family member, a friend, or even yourself. These accounts can offer tax benefits, and depending in which plan you choose, you can invest in a broad range of different types of investments. Our education and custodial accounts give you many different options, so contact us to learn more and get some help.
529 Plans

529 Plans

529 Plans allow you to save for college while your money grows tax-deferred. Plans are designed to meet the needs of virtually every family and every budget.

Account Minimums and Fees:

  • No income limitations
  • Contributions must be made in cash
  • Each state can establish their own minimums and maximums

Custodial Account

Custodial Account

With a custodial account, a minor can own cash or securities that are controlled by a custodian until he or she meets the age of majority in the state the account was set up.

Account Minimums and Fees:

  • $3,000 US to open
  • Fees vary

Education Savings Accounts

Education Savings Accounts

The Coverdell ESA is a savings plan created for the purpose of paying a student’s qualified educational expenses. These can include, but are not limited to tuition, books, and uniforms.

Account Maximum:

  • $2,000 per designated beneficiary per year

College & Education Planning

Are you planning to help your children, grandchildren or another child close to you with their education expenses? Or thinking of taking classes yourself? There are many options to help you achieve this goal. We suggest taking some time to think critically about the future costs, which includes more than the cost of tuition.

529 Plans

529 Plans allow you to save for college while your money grows tax-deferred. Plans are designed to meet the needs of virtually every family and every budget.

Education Savings Account

The Coverdell ESA is a savings plan created to help pa for students’ qualified educational expenses including books, tution, uniforms, and more.

Custodial Accounts

With a custodial account, a minor can own cash or securities that are controlled by a custodian until he or she meets the age of majority.

Life Events

Whether you’re getting married, having a baby, saving for college, reaching retirement, reaching a major milestone, or going through a major life event, you need to plan for it. Galleon Financial Planning works closely with each client to develop a plan that makes sense.

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  1. Participant must be a U.S. citizen and must have a Social Security number or Tax ID.
  2. In 2021, for children under age of 19 (and full-time students under age 24) with no earned income (or income exceeding one-half of his or her support), usually the first $1,050 of investment income is exempt from federal income tax under the child’s standard deduction, the next $1,050 is taxed at the child’s rate, and the amount above $2,100 is taxed at the parents’ rate.
  3. In order for an accelerated transfer to a 529 plan (for a given beneficiary) of $75,000 (or $150,000 combined for spouses who gift split) to result in no federal transfer tax and no use of any portion of the applicable federal transfer tax exemption and/or credit amounts, no further annual exclusion gifts and/or generation-skipping transfers to the same beneficiary may be made over the five-year period, and the transfer must be reported as a series of five equal annual transfers on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. If the donor fails to survive the five-year period, a portion of the transferred amount will be included in the donor’s estate for estate tax purposes.
  4. Periodic investment plans do not guarantee a profit or protect against a loss in a declining market.
  5. The Galleon-managed 529 plan contribution caps are currently $350,000 for the DE plan, $400,000 for the MA plan, $500,000 for the NH plan, and $453,000 for the AZ plan.
  6. College-related expenses refer to qualified higher education expenses as defined in section 529 of the Internal Revenue Code.
  7. For 529 accounts only, the new beneficiary must have one of the following relationships to the original beneficiary: 1) a son or daughter; 2) stepson or stepdaughter; 3) brother, sister, stepbrother, or stepsister; 4) father or mother or an ancestor of either; 5) stepfather or stepmother; 6) first cousin; 7) son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law; or 8) son or daughter of a brother or sister. The spouse of a family member (except a first cousin’s spouse) is also considered a family member. However, if the new beneficiary is a member of a younger generation than the previous beneficiary, a federal generation-skipping tax may apply. The tax will apply in the year in which the money is distributed from an account.

Portfolios are managed by Global Advisers, LLC, a registered investment adviser.

IRC Section 529 does not allow participants to have direct or indirect control over the investments in a 529 plan.

The UNIQUE College Investing Plan, U.Fund College Investing Plan, Delaware College Investment Plan, and the Galleon Arizona College Savings Plan are offered by the State of New Hampshire, MEFA, the State of Delaware, and the Arizona Commission for Postsecondary Education, respectively, and managed by Galleon Investments. If you or the designated beneficiary is not a New Hampshire, Massachusetts, Delaware, or Arizona resident, you may want to consider, before investing, whether your state or the designated beneficiary’s home state offers its residents a plan with alternate state tax advantages or other state benefits such as financial aid, scholarship funds and protection from creditors.

The tax and estate planning information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Galleon does not provide legal or tax advice. Galleon cannot guarantee that such information is accurate, complete, or timely. Laws of a particular state or laws which may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of such information. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Galleon makes no warranties with regard to such information or results obtained by its use. Galleon disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Always consult an attorney or tax professional regarding your specific legal or tax situation.

Units of the portfolios are municipal securities and may be subject to market volatility and fluctuation.

Please carefully consider the plan’s investment objectives, risks, charges, and expenses before investing. For this and other information on any 529 college savings plan managed by Galleon, contact Galleon for a free Fact Kit, or view one online. Read it carefully before you invest or send money.