Give the gift of education.
An education is one of life’s most powerful tools. At Comerica we understand the financial demands and intricacies of planning for an education. Whether public, private or secondary school is the desired goal, Comerica specialists will work with you to conduct a funding analysis of the future education expenses of someone in your life and make it part of your overall wealth plan. Comerica can give you more than education funding solutions — we can help you give someone in your life an invaluable opportunity.1 Planning options to consider include:
Whether a prepaid tuition or a college savings plan, this plan may be used for education-related expenses at all accredited colleges and universities. Any person, married or single, relative or non-relative can easily contribute. Plan details differ from state to state.
Uniform Gifts to Minors Act and/or Uniform Transfers to Minors Act
Where state laws permit, you can make an irrevocable gift by transferring funds to a child for educational or any other purpose. Specific provisions may vary from state to state.1
Full or partial scholarships are often available through colleges, businesses, foundations and community groups. A scholarship may be based on academic merit or need.
Individuals with income under certain limits may qualify for the America Opportunity Tax Credit or the Lifetime Learning Credit.1
1 Comerica Bank and its affiliates do not provide tax or legal advice. Please consult with your tax and legal advisors regarding your specific situation.
2 By investing in a plan outside your state of residence, you may lose available state tax benefits. 529 plans are subject to enrollment, maintenance, administration/management fees and expenses. Make sure you understand your state tax laws to get the most from your plan. If a withdrawal is made for any reason other then a qualified higher education expense, the earnings portion of the withdrawal will be subject to both state and federal income tax, and possibly a 10% federal tax penalty. The value of a 529 plan is subject to risks, which include market fluctuation based on the plan’s portfolio, and economic, political and social circumstances. Additionally, the investor has limited shareholder rights, as there is not a direct ownership interest, which includes limited or no voting rights for the underlying securities. The plan reserves the right to terminate or make changes to the plan at any time. Such changes may include the acceptance of additional contributions or the ability to establish new accounts. Investment objectives, risks, charges and expenses associated with municipal fund securities should be considered before investing in municipal fund securities. The issuer’s official statement should be read carefully before investing.