Monday, March 16, 2009
College plans for the rich, poor and in-between
Written by: Liz Pulliam Weston
Posted by: Keun H. Maeng
Finding the right investment vehicle for your college savings isn't easy. For every article touting a method for protecting and growing your fund, you'll find another warning of its drawbacks.
Depending on what you read, state-run Section 529 college savings plans are either the best thing since sliced bread or a trap for the unwary. Coverdells (formerly Education IRAs) are either better than ever or not ready for prime time. UTMAs (Uniform Transfers to Minors Act), UGMAs (Uniform Gifts to Minors Act) and other custodial accounts are hopelessly outdated or hopelessly underutilized.
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