Picture this: wrapping paper is flying, kids are giggling, and the living room is scattered with toys that—let’s be honest—might lose their magic by New Year’s. But what if one of those gifts didn’t fade? What if it quietly grew year after year, helping open the doors to your child or grandchild’s dream school?
“This season is about generosity and planning for what matters most,” says Dave Manley, Financial Advisor with Summit Financial Strategies and New York Life, whose office is located right here in Broomfield. “For families with children, it’s the perfect time to give a gift that grows—an investment in education.”
A Season for Smart Giving
Most families are familiar with 529 college savings plans, which allow money to grow tax-free when used for qualified educational expenses. Contributions can come from parents, grandparents, or even family friends, making 529s a popular, flexible tool for college savings.
But while 529s are valuable, they aren’t the only way to help students get ahead.
Beyond the 529: Expanding the Possibilities
Some families may benefit from alternative funding strategies that combine flexibility with growth potential. For example, cash value life insurance can accumulate funds on a tax-advantaged basis and provide future access for education or other needs—without the strict spending rules of a 529.
Similarly, custodial accounts (UGMA or UTMA) allow assets to be used for a child’s broader goals, such as a first car, internship costs, or even seed money for a business. Each approach carries unique benefits depending on your family’s goals, tax situation, and desired level of control.
“The most effective plan may involve a blend of tools,” Manley adds, “using a 529 for predictable education costs while leveraging other accounts for added flexibility and long-term opportunity.”
This Season’s Special Opportunity
The Scholar’s Choice Matching Program offers a limited-time incentive: when you open a new 529 account, you’ll receive a $118 matching gift and become eligible for up to $2,500 in additional matching funds. It’s a meaningful way to turn holiday generosity into lasting educational opportunity.
Make It Fun for the Kids
A college fund may not feel as exciting as a new toy—but you can make it tangible. Pair your contribution with a small keepsake, like a “Future Graduate” ornament, a piggy bank, or a children’s book about dreaming big. It turns a smart financial gift into a moment your child can celebrate and remember.
To learn more, contact Dave Manley at dmanley01@ft.newyorklife.com