Today, we take a look at one of the most misunderstood and underutilized accounts in your tax-planning aresenal.
The Coverdell Education Savings Account can be incredibly useful as a tool for you to pay for:
- elementary school expenses
- secondary school expenses
- homeschool expenses (in some states)
- college expenses
- vocational school expenses
- and more!
Perhaps more importantly, there are very few things you can’t use as an investment in the account. You can choose to invest in:
- Real Estate
- notes
- tax liens
- companiesÂ
- precious metals
- etc.
But what about the income limitations? Meaningless. You can circumvent them so easily they’re utterly meaningless.
This account is constantly criticized as being useless. Check out my discussion of the details and see if it deserves the criticism.
Enjoy!
Joshua
Links:
Joshua J. Sheats, MSFS, is the world's leading authority on integrating lifestyle goals and money goals without conflict. He teaches normal people how to seamlessly connect the science of financial planning with the joy of goal achievement.
Joshua is dedicated to helping normal people achieve financial freedom by merging creative (and crazy) ideas from the world of personal finance with the academic integrity of formal financial planning. He simplifies complex money topics and makes boring financial mumbo-jumbo less boring.
