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I never see any mention of Coverdale Education Savings accounts here...
Posted on 11/7/13 at 12:26 pm
Posted on 11/7/13 at 12:26 pm
pretty powerful vehicle...anybody here use them or interested in discussing their merits ?
This post was edited on 11/7/13 at 4:26 pm
3
Posted on 11/7/13 at 1:45 pm to Zilla
quote:
anybody here use them
Nope
Posted on 11/7/13 at 2:27 pm to Broke
I think they are great since you can pick your investments, but the 2k/year contribution limits are on the low side.
Posted on 11/7/13 at 3:15 pm to Chris4x4gill2
The real advantage in my opinon is the ability to use the funds for high school.
Posted on 11/7/13 at 4:22 pm to Chris4x4gill2
quote:
I think they are great since you can pick your investments, but the 2k/year contribution limits are on the low side.
2000/year @ 8% for 15 years is roughly 60k (no taxes) per kid...wouldn't that really help out a lot of you private school paying folks ?
Don't use it for high school and you could have over 80 grand towards college expenses...As long as the account was opened with the parents as owners it won't affect financial aid either.
This post was edited on 11/7/13 at 4:25 pm
Posted on 11/7/13 at 4:23 pm to Broke
quote:
Nope
why not? ot rich ?
Posted on 11/8/13 at 2:57 pm to Zilla
$2000 /year @ 8% is nice, but it's nicer with 6% state tax deduction and earnings enhancement in a 529 plan.
Figure out another way to pay for high school.
Figure out another way to pay for high school.
Posted on 11/8/13 at 7:28 pm to NewBR
You can do both
Posted on 11/9/13 at 6:43 am to Zilla
I have them with TD Ameritrade.
Only downside is the limits on contribution are fairly low.
529 plans are a little better, IMO.
We have both a coverdell and a 529 for both kids.
Only downside is the limits on contribution are fairly low.
529 plans are a little better, IMO.
We have both a coverdell and a 529 for both kids.
This post was edited on 11/9/13 at 6:44 am
Posted on 11/9/13 at 9:45 am to Zilla
My son has a La. State plan for his 2 children. Started them when they were born. Don't know if that's the same thing as Coverdale.
Posted on 11/9/13 at 10:43 am to Zach
Have a coverdell and La Start saving acct for kids. Good points on each vehicle. Tax deduction and enhancement with Start but more investment choices with the coverdell.
Posted on 11/9/13 at 11:25 am to fatboydave
You can use Roth IRAs for your kids and take out the contributions penalty free for your kid- if they don't go to college you can use it as a hybrid for a retirement fund for them or you.
If you stick to a dedicated savings plan just use a college savings 529 plan- you can contribute more than 2k per year...just my thoughts--geaux tigers!
If you stick to a dedicated savings plan just use a college savings 529 plan- you can contribute more than 2k per year...just my thoughts--geaux tigers!
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