Shannon Liu Shair established 529 plans for each of her children at birth, ensuring tax-free education savings. Her savings strategy includes custodial Roth IRAs, with each 529 currently holding about $100,000, aiming to double it by college time. Through her work as an estate planning attorney, she emphasizes the importance of understanding client goals while applying her personal experience to guide families in financial planning for their children's education. Years of contributing and learning underscore the necessity of securing personal finances before focusing on children's future expenses.
The investment in 529 plans has allowed for tax-free education savings, providing both flexibility and security for children to focus on their studies without financial burdens.
Starting 529 accounts at birth ensures children can pursue their ideal job fit, as the financial cushion allows them to explore options without the anxiety of student loans.
Years of learning and commitment were vital in building up significant savings, highlighting the importance of prioritizing retirement and personal savings before investing in children's education.
Having an understanding of clients' goals and previous investments creates trust and rapport, which is essential in estate planning and financial advising.
Collection
[
|
...
]