Emily and Matthew Simmons:
Preparing For Future Education Needs

 
Emily and Matthew were thrilled to become parents for the first time at age 30. Their daughter, Mallory, is their pride and joy. They know that they now have an important responsibility: to make sure the money is there for Mallory when she’s ready to attend college. They’re a little nervous about how to get there, but thankfully, Emily’s grandparents have indicated a willingness to help out if the young couple can put together a financial strategy.
 

Objectives and Recommendations

Barker Financial Group was more than delighted to help Mallory in her first steps toward a college education. We knew that eighteen years can go by in a heartbeat, so together, we worked to:

• Evaluate expected annual costs for tuition, room and board, along with funding options available.
• Determine the monthly funding requirements to meet goals based on expected return, time horizon, and anticipated growth in education costs.
• Set up tax-advantaged college savings accounts and investment plans.
• Demonstrate how grandparents can contribute to these plans for the benefit of their grandchildren and receive estate planning benefits themselves.