Visible Wealth Planning

Financial Planning for Women

Privacy Notice

We recognize the importance of protecting our clients’ privacy. We have policies to maintain the confidentiality and security of your nonpublic personal information. The following is designed to help you understand what information we collect from you and how we use that information to serve your account.

Categories of Information We May Collect

In the normal course of business, we may collect the following types of information:

  • Information you provide in the subscription documents and other forms (including name, address, social security number, date of birth, income and other financial-related information); and
  • Data about your transactions with us (such as the types of investments you have made and your account status).

 
How We Use Your Information That We Collect

Any and all nonpublic personal information that we receive with respect to our clients who are natural persons is not shared with nonaffiliated third parties which are not service providers to us without prior notice to, and consent of, such clients, unless otherwise required by law. In the normal course of business, we may disclose the kinds of nonpublic personal information listed above to nonaffiliated third-party service providers involved in servicing and administering products and services on our behalf. Our service providers include, but are not limited to, our administrator, our auditors and our legal advisor. Additionally, we may disclose such nonpublic personal information as required by law (such as to respond to a subpoena) or to satisfy a request from a regulator and/or to prevent fraud. Without limiting the foregoing, we may disclose nonpublic personal information about you to governmental entities and others in connection with meeting our obligations to prevent money laundering including, without limitation, the disclosure that may be required by the Uniting and Strengthening America Act by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 and the regulations promulgated thereunder. In addition, if we choose to dispose of our clients’ nonpublic personal information that we are not legally bound to maintain, we will do so in a manner that reasonably protects such information from unauthorized access. The same privacy policy also applies to former clients who are natural persons.

Confidentiality and Security

We restrict access to nonpublic personal information about our clients to those employees and agents who need to know that information to provide products and services to our clients. We maintain physical, electronic and procedural safeguards to protect our clients’ nonpublic personal information. We respect and value that you have entrusted us with your private financial information, and we will work diligently to maintain that trust. We are committed to preserving that trust by respecting your privacy as provided herein.

Back to School, Back to Basics: 5 Ways to Save for Your Child’s Future

As backpacks get packed and school supply lists get checked off, back-to-school season is also a natural moment to check off something else: how you’re saving for your child’s future.

Whether you’re thinking about college tuition, a down payment on a home, or simply giving your child a financial head start, there isn’t a single “right” account to use. Each option comes with its own trade-offs around control, taxes, flexibility, and how it might affect financial aid down the road.

Here’s a quick look at five common savings vehicles parents consider, and the kinds of questions worth asking about each one.

1. Parent-Owned Brokerage Account

A standard taxable brokerage account held in a parent’s name offers maximum flexibility. There are no contribution limits, no restrictions on how the money is used, and the parent retains full control indefinitely. The trade-off is that this account doesn’t grow tax-deferred, and any gains are taxed along the way.

Good for: Parents who want complete control and flexibility without committing the funds to any one purpose.

2. UTMA/UGMA Custodial Accounts

These custodial accounts let a parent set money aside that legally belongs to the child, though the parent manages it until the child reaches the age of majority (which varies by state). Once that age is reached, the child gains full control of the account, and the money can be used for anything, not just education.

Good for: Families who want to formally and irrevocably earmark assets for a child’s benefit, understanding that control transfers to the child at adulthood.

3. 529 Education Savings Plans

529 plans are designed specifically to fund qualified education expenses. Contributions may come with state tax benefits, the account grows tax-deferred, and qualified withdrawals are tax-free. Unlike custodial accounts, the parent typically retains control of the account even after the child becomes an adult, and the beneficiary can often be changed.

Good for: Parents building a dedicated, tax-advantaged strategy around future education costs.

4. Permanent Life Insurance on a Child

Some parents choose to secure permanent life insurance coverage on a child while they’re young and healthy, which locks in insurability and builds tax-advantaged cash value over time. This cash value can potentially be accessed later for a variety of needs, not just education, though it comes with insurance-specific costs like cost-of-insurance charges and surrender fees.

Good for: Parents interested in combining lifelong coverage with a flexible, tax-advantaged savings component.

5. Trump Accounts

A newer addition to the savings landscape, Trump accounts allow tax-advantaged contributions intended to help kick-start a child’s long-term financial growth, potentially retirement-focused, with possible eligibility for government contributions under program guidelines. The child gains control at age 18, and withdrawals follow specific ordering and taxation rules.

Good for: Parents interested in giving a child an early head start on long-term investing, alongside potential government incentive programs.

Which One Is Right for Your Family?

The best choice (or combination of choices) depends on your goals: Are you saving specifically for education? Do you want to retain control indefinitely? Is minimizing the impact on financial aid a priority? Are taxes or estate planning a factor?

We’ve put together a side-by-side comparison guide covering contribution limits, tax treatment, control, FAFSA impact, and more, so you can see how these accounts stack up against each other at a glance.

Download the full Common Savings Accounts for Children comparison guide here.

As always, the right strategy depends on your family’s unique situation. If you’d like to talk through your options, we’re happy to help.

Investment Advisory Services offered through Visible Wealth Planning, a dba of Investor FAN, an SEC Registered Investment Advisor. This material is for educational purposes only and is not intended as tax, legal, or personalized investment advice. Please consult your own tax or legal advisor before making decisions regarding these accounts.

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