GoodWin advises and manages accounts for the bright future of your own kids or that of a friend or relative:
This a is a very excellent way to make a financial gift to a child. These accounts operate under the Uniform Gifts to Minors Act (UGMA) or the Uniform Transfers to Minors Act (UTMA). These accounts are set up by an adult or couple for the benefit of a minor. The legality of these accounts differ from state to state and the person or couple making an annual monetary gift, does not incur gift taxes up to a certain limit according to the IRS rules.The flexibility of these accounts are such that, they can be used by the beneficiaries for purposes other than education as well, eg: starting a business etc.,
Education Savings Accounts (ESA) or Coverdell Accounts
This is a tax-advantaged education savings option. The withdrawals can be used for qualified elementary and secondary education too. However, only couples with adjusted gross incomes of less than $220,000 are eligible to open ESAs (for individuals, that figure is $110,000). Annual contribution does not incur gift taxes up to a certain limit. Rollover
options are also available.
GoodWin also offers advice on these state-sponsored and tax-advantaged plans.
Based on the Clients individual situation, GoodWin will advise and operate the suitable accounts.