Saving for Your Children’s Education: Understanding Your Options

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aem-GridColumn--default--4"> <aside class="cmp-article-side-panel "> <article class="cmp-article-side-panel-container"> <section class="cmp-article-side-panel-content"> <p class="eyebrow"><a href="/insights/wealth-planning" class="link">Wealth Planning</a></p> <h1 class="title">What are my options to save for my children’s education?</h1> <p class="date">February 11, 2025</p> <p class="description"> Planning early for your children’s and grandchildren’s education can help you cover these expenses in a tax-efficient manner. Read more on saving for education. </p> </section> <nav class="cmp-article-side-panel-chapter-nav"> <ul class="chapter-nav-container" id="chapter-nav-container">  </ul> <div class="select-wrapper"> <select class="mobile-chapter-nav" name="mobile-chapter-nav" id="mobile-ada-chapter-nav" aria-labelledby="Chapter Navigation">  </select> <button type="button" tabindex="-1" class="mobile-chapter-nav custom-select" id="custom-select" data-icon="&#xf078" aria-hidden="true"><p tabindex="-1" class="custom-select-link"> Overview</p></button> <ul class="mobile-chapter-nav custom-select-links" id="custom-select-links" aria-hidden="true">  </ul> </div> </nav> <section class="cmp-article-side-panel-social-links"> <ul class="social-links-container"> <li> <a href="https://www.linkedin.com/shareArticle?mini=true&url=https://www.jpmorgan.com/insights/wealth-planning/education-planning/custodial-accounts&title=&summary=" target="_blank" aria-label="Share article to LinkedIn" class="fab fa-linkedin" id="social-link-linkedin"></a></li> <li><a href="https://twitter.com/intent/tweet?url=https://www.jpmorgan.com/insights/wealth-planning/education-planning/custodial-accounts" target="_blank" aria-label="Share article to Twitter" class="fab fa-twitter" id="social-link-twitter"></a></li> <li> <button title="Copy page URL" aria-label="Click to copy page URL" id="copy-url-button" class="far fa-link" role="button"></button> </li> <li> <button title="Print article page" aria-label="Click to print article page" id="print-button" class="far fa-print" role="button"></button> </li> <li></li> </ul> </section> </article> </aside> </div> <div class="responsivegrid aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--phone--0 aem-GridColumn--offset--default--0"> <div class="aem-Grid aem-Grid--8 aem-Grid--default--8 aem-Grid--phone--12 "> <div class="article-page-header aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div class="article-page-header"> <div class="cmp-article-page-header "> <div class="cmp-article-page-header__image-container has-media"> <img loading="lazy" alt class="cmp-article-page-header_image" src="/content/dam/jpm/securities/images/article-images/custodialaccounts.jpg"/> </div> <div class="cmp-article-page-header__intro has-media"> <div class="cmp-article-page-header__author-container comp-article-page-header__author-container--mobile"> </div> <div class="cmp-article-page-header__key-takeaways"> <h2>Key <span class="key-takeaways-emphasis">takeaways</span></h2> <ul> <li>Many educational opportunities come with hefty price tags, but there are plenty of ways you can save for your family’s future.</li> <li>Some education savings options include prepaid tuition plans, 529 plans, custodial accounts and various types of trusts.</li> <li>Assets owned by children, like money in a custodial account, could affect their eligibility for need-based financial aid.</li> </ul> </div> </div> <div class="cmp-article-page-header__lower-container"> </div> </div> </div> </div> <div class="contributors aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"><div class="contributors"> <div class="cmp-contributors "> <div class="cmp-contributors__inner-container"> <h2>Contributors</h2> <div class="cmp-contributors__lower-container"> <div class="contributor"> <img src="/content/dam/jpm/wealth-management/headshots/adam-frank-1000x1000.jpg" loading="lazy" alt/> <div class="contributor__info-container"> <a class="contributor-person-link" aria-label="Go to Adam Frank profile page" data-cmp-data-layer="{"event":"cmp:click","webInteraction":{"ctaType":"link","ctaText":"Adam Frank","ctaUrl":"/wealth-management/wealth-partners/insights/contributors/adam-frank","ctaTitle":"Contributors","ctaComponentName":"Contributors"}}" data-cmp-clickable href="/wealth-management/wealth-partners/insights/contributors/adam-frank">Adam Frank</a> <p>Managing Director, Head of Wealth Planning and Advice, J.P. Morgan Wealth Management</p> </div> </div> </div> </div> </div> </div> </div> <div class="text cmp-text--pt aem-GridColumn--default--none aem-GridColumn--phone--none aem-GridColumn--phone--11 aem-GridColumn aem-GridColumn--offset--phone--1 aem-GridColumn--default--8 aem-GridColumn--offset--default--0"> <div class="cmp-text "> <p>Planning early for your children’s and grandchildren’s education can help you cover these expenses in a tax-efficient manner.</p> <h2><span class="section-header"><span class="accented-text"><span class="title-large">Options to save for a child’s education</span></span></span></h2> <p>A range of choices gives you great flexibility as you save for a child’s or grandchild’s education.</p> <p>In 2025, you can give each beneficiary up to $19,000 per year (or $38,000 for married couples) without paying gift tax or using any portion of your lifetime exemption. This amount is known as the annual gift tax exclusion.<sup><a title="footnote 1" href="#footnote-1" id="footnote-src-1">1</a></sup></p> <p>This is the case no matter how you make the gift. It can be directly to the beneficiary, in a <a href="https://www.jpmorgan.com/insights/wealth-planning/education-planning/custodial-accounts">custodial account</a> or “minority trust” if the beneficiary is a minor, in a “Crummey” trust or using a 529 college savings plan (more details below).</p> <p>Tuition payments made directly to an educational institution are not subject to gift tax, will not use any of your lifetime gift tax exemption and will not use up any of the $19,000 annual exclusion from gift tax.<sup><a title="footnote 2" href="#footnote-2" id="footnote-src-2">2</a></sup></p> <h2><span class="section-header"><span class="accented-text"><span class="title-large">Prepaying tuition</span></span></span></h2> <p>Many K–12 private schools, and some colleges and universities, allow parents and grandparents to prepay tuition. This is especially useful for grandparents who wish to fund their grandchildren’s education but are concerned they may not live long enough to do so. Note that if a student changes schools, the prepaid tuition could be lost.</p> <h2><span class="section-header"><span class="accented-text"><span class="title-large">Assessing the impact on financial aid</span></span></span></h2> <p>Assets owned by a child, such as custodial accounts, will reduce eligibility for need-based financial aid more than assets owned by a parent. Assets owned by a grandparent or trust may not be counted at all.</p> <p>Income of a child generally will have the biggest impact on the child’s eligibility for need-based financial aid. Distributions from trusts are usually treated as the child’s income, even if payments are made directly to the school.</p> <p>As of December 2023, FAFSA does not ask about distributions from grandparent-owned 529 accounts, which therefore should not count against the student for financial aid purposes. Still, you should review the FAFSA carefully and work with a financial aid consultant or other professional to confirm that distributions from a grandparent-owned 529 account won’t affect the student’s financial aid.<sup><a title="footnote 3" href="#footnote-3" id="footnote-src-3">3</a></sup></p> <p>Working with your tax and legal advisors, a J.P. Morgan professional can help you evaluate the choices available and determine which strategies make sense for your individual situation.</p> <h2><span class="accented-text"><span class="title-large">Education planning options</span></span></h2> <h3><span class="accented-text"><span class="title-medium">Crummey trust</span></span></h3> <ul> <li>The beneficiary has a right to withdraw annual contributions for a period of time, usually 30 or 45 days (a “Crummey” power); notice of contributions must be given to the beneficiary in writing.</li> <li>Other than the Crummey power, there is no requirement that the beneficiary should be permitted to withdraw trust assets.</li> <li>The Crummey power is usually exercisable by the beneficiary’s parents as long as the beneficiary is a minor.</li> <li>If the beneficiary does not exercise his or her Crummey power, the assets remain in the trust irrevocably and are invested and distributed according to the trust’s terms.<sup><a title="footnote 4" href="#footnote-4" id="footnote-src-4">4</a></sup></li> </ul> <h3><span class="accented-text"><span class="title-medium">UTMA or UGMA (custodial) account</span></span></h3> <ul> <li>Assets are given irrevocably to a minor, but an adult custodian retains control until the minor reaches age 18 or 21 (or, in some states in certain circumstances, 25).</li> <li>The minor takes over control of the account – and whatever is in it – when he or she reaches the age of majority.</li> <li>There can be legal restrictions on investments within these accounts.</li> <li>If anyone who contributes to an UTMA (Uniform Transfers to Minors Act) or UGMA (Uniform Gifts to Minors Acts) account also acts as its custodian, all, or a portion of that account generally will be included in the custodian’s taxable estate. For this reason, a parent should generally not act as custodian of UTMA or UGMA accounts created for his or her children if estate tax is a concern.<sup><a title="footnote 5" href="#footnote-5" id="footnote-src-5">5</a></sup></li> </ul> <h3><span class="accented-text"><span class="title-medium">529 plan</span></span></h3> <ul> <li>Assets are contributed to a 529 plan. The contributor usually stays in charge of investments and distributions as the account owner.</li> <li>Some states give contributors a state income tax deduction for 529 contributions.</li> <li>Investments in a 529 plan grow income tax free, and if a withdrawal is used for qualified education expenses, it will not be taxable.<sup><a title="footnote 6" href="#footnote-6" id="footnote-src-6">6</a></sup></li> <li>529 plans can only be used for qualified expenses for college and post-graduate education (any amount), and K–12 education (up to $10,000 per year per child).<sup><a title="footnote 7" href="#footnote-7" id="footnote-src-7">7</a></sup></li> <li>If a withdrawal is made for non-educational purposes, the income allocated to the withdrawal is subject to income tax at ordinary rates plus a 10% penalty.<sup><a title="footnote 8" href="#footnote-8" id="footnote-src-8">8</a></sup></li> </ul> <h3><span class="accented-text"><span class="title-medium">Minority trust</span></span></h3> <ul> <li>The minor must have a right to demand trust assets when he or she reaches age 21 (or the assets and income must pass to his or her estate if he or she dies prior to reaching age 21).</li> <li>If the minor does not exercise this right, the assets can remain in trust to be invested and distributed according to the trust’s terms.</li> <li>Trust assets must be usable only by the minor or for the minor’s benefit during minority.</li> <li>Minority trusts are created in accordance with Internal Revenue Code Section 2503(c).<sup><a title="footnote 9" href="#footnote-9" id="footnote-src-9">9</a></sup></li> </ul> <h2><span class="section-header"><span class="accented-text"><span class="title-large">Quick comparisons of the options</span></span></span></h2> <h3><span class="accented-text"><span class="title-medium">Two grandparents</span></span></h3> <p>The grandparents not only help fund their three grandchildren’s education but also move substantial sums out of their estate free of transfer taxes.</p> <p>They do this every year by:</p> <p><b>Paying current costs:</b> Fund private tuition bills directly (these are non-taxable gifts), starting when each student enters kindergarten – 2025 total: $10,000 x 3 = $30,000.</p> <p><b>Saving for future costs:</b> Make contributions up to the annual gift tax exclusion each year to 529 plan accounts established for each of the three children. 529 plan account funds can be used to pay for K–12 tuition (up to $10,000 per year) and for college and graduate school tuition as well as miscellaneous expenses such as books, supplies, room and board. – 2025 total: $34,000 x 3 = $102,000.</p> <h3><span class="accented-text"><span class="title-medium">Two parents</span></span></h3> <p>These parents move substantial sums to the next generation and save for their three children’s educations by creating:</p> <p><b>UTMA accounts for each child:</b> Contribute $10,000 a year to each account (a taxable gift). Stop contributing when an account totals $100,000.</p> <h2><span class="section-header"><span class="accented-text"><span class="title-large">The bottom line</span></span></span></h2> <p>As you can see, there are different options available when it comes to planning for education costs for your loved ones. The most suitable option for you and your family – whether it’s making payments directly to the educational institution, setting up a 529 or UTMA account, or using a combination of these approaches – depends on your unique situation and goals.</p> <p>Your education funding choices can have a significant impact on your taxes and estate plan. With this in mind, you may want to seek guidance from professionals who can help you develop a plan to assist with your family's educational goals and financial future for generations to come.</p> <p>As always, reach out to a J.P. Morgan professional with questions.</p> <h2><span class="section-header"><span class="accented-text"><span class="title-large">FAQs</span></span></span></h2> </div> </div> <div class="question-answer aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div class="cmp-qa "> <div class="qa-item"> <h3><span class="accented-text"><span class="title-medium">How do 529 plans work?</span></span></h3> <p>A 529 plan is an account designed to cover educational costs that comes with certain tax advantages. When you contribute to a 529 college savings plan, the assets can grow on a tax-deferred basis, and withdrawals are tax-free provided you use the funds to pay for qualified education expenses.<sup><a title="footnote 10" href="#footnote-10" id="footnote-src-10">10</a></sup></p> </div> <div class="qa-item"> <h3><span class="accented-text"><span class="title-medium">Who can contribute to my kid’s education savings?</span></span></h3> <p>While some education savings vehicles may have different rules, there are no restrictions on who can contribute to a 529 plan, allowing grandparents, other relatives and friends to help fund your children’s education. Gift tax rules may apply, but high annual and lifetime exemptions mean gift taxes become an issue only for large contributions.</p> </div> <div class="qa-item"> <h3><span class="accented-text"><span class="title-medium">How should I allocate my portfolio to save for college?</span></span></h3> <p>Investing for education requires strategic choices based on your personal situation and preferences. Once you’ve set up an account to save for education – hopefully one that provides tax advantages – you’ll likely have to decide how to invest the funds. Like any investment, it’s worth considering your risk tolerance and time horizon. When it comes to college savings, a good rule of thumb is to allocate more to high-risk, high-reward assets when the prospective student’s freshman year is further in the future. Then you might shift to more conservative, income-generating assets as college age approaches. Depending upon the laws of the home state of the client or designated beneficiary, favorable state tax treatment or other benefits offered by such home state for investing in 529 Plans may be available only if invested in the home state‘s 529 Plan. Any state-based benefit offered with respect to a particular 529 Plan should be one of many appropriately weighted factors to be considered in making an investment decision; and clients are advised to consult with their financial, tax or other adviser to learn more about how state-based benefits (including any limitations) would apply to their specific circumstances.</p> </div> <span class="component-border"></span> </div> </div> <div class="footnotes aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div class=" footnote-container"> <h2 class="footnote-title">References</h2>  <div class="footnote-item"> <a class="footnote-num" id="footnote-1" href="#footnote-src-1" aria-label="Return to Footnote 1">1.</a><p>U.S. Internal Revenue Service, “What's new - estate and gift tax.”</p> </div> <div class="footnote-item"> <a class="footnote-num" id="footnote-2" href="#footnote-src-2" aria-label="Return to Footnote 2">2.</a><p>U.S. Internal Revenue Service, “Frequently asked questions on gift taxes.” </p> </div> <div class="footnote-item"> <a class="footnote-num" id="footnote-3" href="#footnote-src-3" aria-label="Return to Footnote 3">3.</a><p>The New York Times, “Some Good FAFSA News: There’s a Loophole for Grandparents.” (February 17, 2024)</p> </div> <div class="footnote-item"> <a class="footnote-num" id="footnote-4" href="#footnote-src-4" aria-label="Return to Footnote 4">4.</a><p>U.S. Court of Appeals Ninth Circuit, “397 F.2d 82: D. Clifford Crummey et al., Petitioners, v. Commissioner of Internal Revenue, Respondent.” (June 25, 1968)</p> </div> <div class="footnote-item"> <a class="footnote-num" id="footnote-5" href="#footnote-src-5" aria-label="Return to Footnote 5">5.</a><p>U.S. Social Security Administration, “SI 01120.205 Uniform Transfers to Minors Act.”</p> </div> <div class="footnote-item"> <a class="footnote-num" id="footnote-6" href="#footnote-src-6" aria-label="Return to Footnote 6">6.</a><p>Withdrawals made to pay for qualified K–12 education expenses may have negative state income tax consequences. Consult with tax counsel before using funds to cover these expenses.</p> </div> <div class="footnote-item"> <a class="footnote-num" id="footnote-7" href="#footnote-src-7" aria-label="Return to Footnote 7">7.</a><p>Withdrawals made to pay for qualified K–12 education expenses may have negative state income tax consequences. Consult with tax counsel before using funds to cover these expenses.</p> </div> <div class="footnote-item"> <a class="footnote-num" id="footnote-8" href="#footnote-src-8" aria-label="Return to Footnote 8">8.</a><p>U.S. Internal Revenue Service, “Topic no. 313, Qualified tuition programs (QTPs).” </p> </div> <div class="footnote-item"> <a class="footnote-num" id="footnote-9" href="#footnote-src-9" aria-label="Return to Footnote 9">9.</a><p>GovInfo, “Internal Revenue Code § 2503.”</p> </div> <div class="footnote-item"> <a class="footnote-num" id="footnote-10" href="#footnote-src-10" aria-label="Return to Footnote 10">10.</a><p>U.S. Internal Revenue Service, “Topic no. 313, Qualified tuition programs (QTPs).”</p> </div> </div> </div> <div class="text cmp-text--light cmp-text--pt aem-GridColumn--phone--12 aem-GridColumn aem-GridColumn--default--8"> <div class="cmp-text "> <h2><span class="accented-text"><span class="title-large">Connect with a Wealth Advisor</span></span></h2> <p>Reach out to your Wealth Advisor to discuss any considerations for your current portfolio. 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