Education Planning Providing financial support for higher education can be one of the most rewarding aspects of success. When you invest in potential, you’ll do more than help make the dream of education possible for a student in your life. You provide the inspiration for a legacy of higher learning that’s passed on for generations to come.There are a variety of investment vehicles and tax-efficient options to contribute to education costs. With the rising cost of a college education, saving requires an early start and may be one of the crucial elements in your financial plan. Kimball Creek Partners can estimate how much you will need to save to cover college costs and provide guidance on account options; differences in tax benefits; account ownership; and contribution maximums. Working together, we choose the account type and investment strategy that is right for you and your student.Here are few ways you can plan for educational expenses: UGMA/UTMA The UGMA (Uniform Gifts to Minors Act) and UTMA (Uniform Transfer to Minors Act) are custodial accounts used to hold assets for minors until they reach the age of majority, 18 or 21, according to their state of residence. Although UGMA and UTMA accounts are not designed specifically for college savings, they offer advantages including multiple investment options, limited tax benefits and the ability for a parent to transfer assets to a child without the need to establish a costlier trust. Assets held in these accounts are considered property of the minor. 529 College Savings Plan A 529 College Savings Plan is either a prepaid tuition plan or an education savings plan operated by a state or educational institution. It is named after Section 529 of the Internal Revenue Code which created these types of plans in 1996. This plan is a flexible account that has many tax advantages including the ability for investments to grow tax-deferred and eventually be withdrawn tax-free subject to plan and government requirements.