College Funding

You already know that the costs of attending a college or university (or even a trade school) continue to rise rapidly. Fortunately, there are more ways to save and invest for college than ever before (529s, Coverdale ESAs, state TAP programs, UTMA and UGMAs, and so forth). There are also two federal programs: the Hope Scholarship and the Lifetime Learning Credit. Through us and our affiliation with Commonwealth, you have access to numerous 529 plans from which to choose, and we can help you sort out which combination of these plans and other options is right for you as securities are offered through Commonwealth.

Grandparents, you have a unique opportunity to make large gifts (up to $70,000 per person in a single year, $140,000 per couple), which can also help with your estate planning. We understand all of the details and can help you determine which strategies make the most sense for you.

Pennsylvania Residents:  You can contribute up to $14,000 annually, per beneficiary/child, per taxpayer, to any state's 529 Plan and get a PA state income tax deduction. This has been available since January 1, 2006. While each taxpayer (husband and wife) must have at least $14,000 of taxable income in order to claim the whole $14,000 deduction (a total of $28,000 if both taxpayers contribute and have enough taxable income), this is a nice tax benefit that is not available in all states.

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