Craft Law Offices are bankruptcy attorneys serving Eastern North Carolina, including Greenville, NC and Wilson, NC. We specialize in traffic law, underage drinking citations, and assisting you during the bankruptcy process. It is our philosophy to make your bankruptcy experience as stress-free as possible.
College tuition is more expensive than ever. If you have children planning to go to college some day, paying for their school might as well as be making a mortgage payment. Fortunately, with some forethought and planning, you can save for your kid’s college without having to take out a second mortgage to get the job done.
When it comes to saving for your kid’s college education, you can never start too soon. The earlier you begin, the more time your money can spend collecting interest while your savings grow.
According to Nationwide, there are four great ways to create a college fund for your children:
- The first one is called a 529 plan. This type of savings account allows you to save money for your kids tax-free.
- The second one is a Coverdell Education Savings Account. This account is similar to a 529 in that your savings won’t be taxed. However, it differs from the 529 in that it is only available to certain income levels.
- The third type of account is called The Uniform Gift to Minors Act. This is an account that allows children to have investments, but gives their guardians the power to control them until the child comes of age.
- The fourth type of savings account is called an IRA, or an individual retirement account. There are two main types of IRA accounts: traditional, which is taxed, or Roth, which is not taxed.
If you are looking for legal advice on your finances, contact the bankruptcy attorneys at Craft Law Offices in Wilson, NC.