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Meet Elijah Weatherford (and start thinking about college savings)!

Castlepoint Blog: Education Saving Vehicles & Education Funding, Financial Planning Basics, Jake's Take, The Point
October 04, 2021

Jake and Shelbie Weatherford are excited to introduce Elijah Weatherford. born August 24, 2021! “Eli” is full of joy and happiness, until he gets hungry. He loves walks and long naps in the car seat. This new addition to our lives brings back an old adage of “it’s never too early to save.” And a college savings account is a great place to start.

Did you know that you can actually start college savings for children and grandchildren that are not yet born? 529 accounts allow the owner to name his or herself the beneficiary of the account, begin saving for the future child or grandchild, and then switch the beneficiary to the baby when he or she is born.

Starting a monthly savings of $100 at birth would yield approximately $37,000 when the child goes to college at age 18 (6% return assumption). If someone decided to start these $100 savings 10 years earlier, with the same return, the child would have around $82,000 to fund their education.1 That $45,000 could make a huge impact.

The beneficiary of these accounts can easily be changed to another family member. These donations are treated as a “gift” for most beneficiaries. Every year, both parents and grandparents can gift up to $15,000 per child without being subject to gift tax.2 For more information on this type of advanced planning, consult with your Castlepoint Team!

— Jake



Past performance is not a guarantee of future results. Diversification does not eliminate the risk of market loss.  There is no guarantee investment strategies will be successful and investing involves risks, including possible loss of principal. Investors should talk to their financial advisor prior to making any investment decision and there is always the risk that an investor may lose money. A long-term investment approach cannot guarantee a profit. 

All expressions of opinion are subject to change. This article is distributed for informational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services.

Castlepoint Wealth Advisors | Oklahoma Wealth Advisors | Jake Weatherford - Partner & Advisor

Jake Weatherford, CFP®, MBA

Partner & Advisor at Castlepoint Wealth Advisors

Jake Weatherford is a Partner and Wealth Advisor for Castlepoint Wealth Advisors, an Independent Wealth Management firm in Oklahoma City. He is responsible for providing client investment advice and implementing the firm’s financial planning strategies. Jake is also responsible for portfolio modeling and financial projections, which help our clients evaluate potential outcomes of their decisions.

Read more Jake’s Take blog posts and articles.