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College Planning for High Net Worth Families - Responsibilities
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Tuesday, January 31, 2017

College Planning for High Net Worth Families - ResponsibilitiesBy Rob Lemmons, CFP®, CPA, AIF®, CEPA

College planning is a complex process. It can be challenging, time-consuming, and extremely expensive. Understanding all of the strategies and determining which ones apply to your family’s situation can be quite confusing. The planning required for college and retirement is extensive and must be approached proactively with a long-term perspective using a multitude of financial management strategies.

In our Total Wealth program for college planning, one of the five key components of our planning process is responsibilities of both the parents and child.

At Total Wealth Planning we have developed a four year college planning checklist that begins with each child’s freshman year of high school to help manage the planning process. As each year of high school progresses so does the number of activities of both the parent and student. It specifically outlines the responsibilities of both parents and students each year.

It starts with simple things like establishing good study habits, striving for a high GPA and enhancing vocabulary and writing skills. For parents, step one is beginning to understand the Expected Family Contribution (EFC) and whether repositioning of income and assets to increase eligibility for financial aid is warranted. In addition, parents must decide their own financial commitment. This is not an easy decision but one that must be planned out by establishing specific goals and objectives.

At Total Wealth Planning, college planning is about college selection, financial aid, tax planning and the personal resources available to pay for college. It is our understanding of tax laws, college admissions, financial planning, financial aid laws, and most importantly the best ways to incorporate it all into one strategy. Our ultimate goal is to reduce the stress and anxiety of funding education for students and parents to have a successful college experience.

For more information about the Total Wealth approach to college planning visit us at www.twpteam.com or contact Rob Lemmons at 513-984-6696.



 
 
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