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Children’s & Education Accounts

We believe it is never too early to start saving for a child’s education in a tax, especially when you take into consideration tuition increases. The fact is, earning a college degree is costly, but it’s also valuable to have in today’s world. Helping your child, or a child you know, afford their college education and all the costs associated, is imperative and the process can be easy to begin.

If you’re interested in opening an account, Commonwealth Funds is your primary resource. We are a reliable source that can help you determine the kind of account that would best meet your needs. We also are dedicated to helping you manage a minor’s investment account so you can bring it home for them.

Coverdell Education Savings Account (ESA)

When you invest in an ESA, potential earnings grow with no current income tax. Even better, withdrawals are free from federal taxes so long as you use the money to pay for qualified education expenses, which typically include tuition, books, supplies, uniforms, room and board, computer equipment and internet service. Tax-free withdrawals apply not only to college expenses, but also to elementary and secondary education expenses for public, private, or parochial schools.

Keep in mind, there’s an income eligibility limit applied to the person who contributes to the account that currently limits contributions to $2,000 per year, per child.

Coverdell Education Savings Account Disclosures >>

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Uniform Gift to Minor Act (UGMA) & Uniform Transfers to Minors Act (UTMA)

These custodial accounts are set up by any adult and managed on behalf of a minor. UGMA allows bank deposits and mutual funds to be gifted or transferred to a minor and UTMA permits relatives and friends to gift or transfer any type of asset to a minor.

The accounts are typically turned over to the beneficiary’s control at the age of 18 to 21 (depending on the state in which the account was opened) and the beneficiary can use the funds in any way he or she chooses. Prior to the turnover date, the funds must be used for the minor’s benefit.

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Note: Consult your tax advisor for more information.

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The Commonwealth Funds are distributed by Unified Financial Securities, LLC. The Commonwealth Funds investment advisor is FCA Corp, a U.S. Registered Investment Advisor and Financial Planning firm established in 1975.

You should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. For a prospectus that contains this and other information about the Fund, call 888.345.1898 or visit our website at commonwealthfunds.com. Please read the prospectus carefully before investing. The Commonwealth Funds are distributed by Unified Financial Securities, LLC.

Investing involves risk, including loss of principal. Investments in international markets present special risks, including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation, and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets. There is no guarantee that this, or any, investing strategy will achieve its objectives. Diversification does not ensure a profit or guarantee against loss.