Education

EDUCATION



EDUCATION FUNDING

Investing in your child’s future is important, let us help.

If your child is born today, it is estimated that you will need around $250,000 to pay for their education. Let’s break that number down so it doesn’t sound quite so large. You would need to save $38.05 EVERY day for the next 18 years straight, not missing a single day, to amass the quarter of a million dollar mark!

If you have that level of discipline… go for it! Just remember to skip the $5.00 lattes AND you’re going to need a really big penny jar!

If that discipline level seems a little over the top, let us give you the savings and investment tools and strategies that will assist you in accomplishing your goal of a college education for your child.

HOW WE'VE HELPED PEOPLE LIKE YOU!

Funding Your Childrens Education Case Study

Whether children are eight months or eighteen years old, SVA Plumb always encourages parents to plan for education costs. For one client who wanted to maximize his children’s college savings, SVA Plumb came up with a custom solution.

It’s never too late to plan for college, but one client wanted to begin saving as much as possible, as soon as possible. After the birth of his second child, he worked with SVA Plumb to design a proactive plan to maximize his savings.

SVA Plumb uses a unique formula and conservative approach to financial planning for college so parents don’t get a shock when college bills come due, nor do they find themselves with an excess of funds that are taxable or difficult to use.

Advisors discussed with the client what percentage of college he wanted to pay for, and whether he thought his children would go to a public or private university. The client wanted to plan for the maximum—paying 100% at a four-year, private school. SVA Plumb advisors estimated that for two children, the client would have to amass about a million dollars by the time his children were ready to enroll.

They put together an aggressive plan leveraging Edvest, Wisconsin’s 529 college savings plan. Although anyone can put as much money into an Edvest account as they want, the program offers a Wisconsin state tax deduction for only the first $3,100 invested per year. To bump up the amount saved per child, SVA Plumb advised the client to open Edvest accounts not only for his children, but for himself and his wife as well. Although the couple wasn’t planning on furthering their education, it’s a simple matter to transfer 529 funds between accounts with different beneficiaries. With this structure, the family was able to maximize their savings as well as claim a state tax deduction for $12,400 per year.

During the planning process, the client had several questions, such as what if the savings accounts grew too large, or what if their children don’t go to college? SVA Plumb works with many families dealing with these issues, and knows the ins-and-outs of Edvest. Advisors regularly help families scale back as college gets closer. On the other hand, they also help families utilize unused Edvest funds while minimizing potential tax penalties.

“Everyone deals with financing college differently. Some people don’t want to think about it, others want to know every detail. The important thing is to have the conversation, whether you’ve had your first child or gotten your first tuition bill. We talk clients through various scenarios, until they find the solution that’s right for them, their families and their financial situation.”

Keith Kuzera
Financial Consultant

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INDIVIDUAL RETIREMENT SERVICES

At SVA Plumb Financial, we believe that the correct time to start planning for retirement is right now. Through the services that we offer, we’ll help you realize your retirement goals and set you up with the proper IRA account that best fits your current situation. Want to crunch some of the numbers yourself? We offer an array of retirement calculators that can help you answer some common financial questions.

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TRUST & ESTATE SERVICES

Our mission is to simplify the financial lives for both individuals and institutions. Our trust officers are trained to comply with fiduciary management laws to protect and safe-keep the assets with which we are entrusted. We provide clients with the peace of mind that comes with knowing your investments are continuously monitored and your obligations are being met.

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