The Coverdell Education Savings Account (CESA) is a special trust account like 529s in the sense that the earnings are tax-exempt. Parents can save stocks or bonds under the account and can even withdraw money for elementary or high-school expenses without tax penalties. However, taking this option requires thorough deliberation with an advisor. Williams states that a savings account holder cannot put in more than $2,000 a year, even if he or she opens at least two CESAs.
There will always be a way to save money for your child’s college education and the abovementioned strategies are among the most notable. Meeting up with top college funding specialists such as Studemont Group College Funding Solutions LLC can help shed light on the possibilities.