Family Matters is TSG Wealth Management’s approach to planning for the people who matter most, across every generation of your family. From saving for your children’s education to supporting a child with special needs and helping care for aging parents, we help you anticipate the expenses ahead and plan for them today, so your family’s quality of life is protected over the long term.
Family Matters
Planning for the People Who Matter Most, Across Generations
What is family wealth planning?
Family wealth planning is the work of preparing, financially, for the needs of your whole family over time, not just your own retirement. It looks ahead to predictable life stages and costs, such as education, care for a family member with special needs, and support for aging parents, and builds a plan to meet them. Planning early tends to reduce both the financial strain and the stress later on.
Education Planning
TSG helps you save and invest for your children’s or grandchildren’s education using accounts designed for that purpose. Common options include:
- 529 college savings plans
- UTMA and UGMA custodial accounts
- Education savings accounts (Coverdell)
Several of these accounts offer tax advantages, such as tax-deferred growth or tax-free withdrawals for qualified education expenses. Because the tax treatment depends on the account and your situation, TSG works alongside your existing CPA or tax advisor, with dedicated tax services available through TSG Tax Management, a separate entity not affiliated with Wells Fargo or Wells Fargo Advisors Financial Network.1, 2
Planning for a Child with Special Needs
Caring for a child with special needs calls for careful, long-term planning so support continues throughout their life. TSG can help you plan for ongoing living expenses and coordinate with your attorney on tools such as special needs trusts and ABLE accounts, which are designed to provide for your child without jeopardizing their eligibility for government benefits.1
Caring for Aging Parents
Supporting aging parents can carry significant and often unexpected costs. TSG helps you plan for expenses such as healthcare and assisted living, and can help you weigh long-term care coverage as part of the plan. You can read more about coverage options on our insurance and annuity page. Thinking through these costs in advance helps support both your parents’ care and your own financial goals.
How TSG Coordinates Family Planning with Your Broader Plan
Family planning does not stand alone; it connects to your investments, estate plan, insurance, and taxes. The decisions you make for your family ripple across the rest of your plan: funding a 529 affects how much you set aside elsewhere, naming guardians and keeping beneficiary designations current belongs in your estate documents, and providing for a dependent often shapes how much life insurance or long-term care coverage you carry.
TSG coordinates these decisions with your estate planning strategies and investment and retirement planning so providing for your family fits within your overall strategy rather than competing with it. We can also work with your existing attorney, CPA, and other advisors to keep every piece aligned, and revisit the plan as your family grows and your circumstances change.
Frequently Asked Questions
What is a 529 plan?
A 529 plan is a tax-advantaged savings account designed for education costs. Money in the account can grow tax-deferred, and withdrawals are generally tax-free when used for qualified education expenses such as tuition. It is one of the most common ways families save for college.
What is the difference between a 529 plan and a UTMA/UGMA account?
A 529 plan is specifically for education and offers tax advantages when funds are used for qualified education expenses. A UTMA or UGMA account is a custodial account that can be used for broader purposes benefiting the child, but it does not carry the same education-specific tax treatment and becomes the child’s property at the age of majority.
How do you plan financially for a child with special needs?
Planning for a child with special needs focuses on providing lifelong support without disrupting eligibility for government benefits. This often involves tools such as a special needs trust or an ABLE account, established with the help of an attorney. TSG can help with the financial planning and coordinate with your legal team on the documents.
How can I plan for the cost of caring for aging parents?
Start by estimating likely future costs, such as healthcare, in-home care, or assisted living, and building them into your plan. Long-term care coverage can help offset some of these expenses. TSG can help you map out these costs and weigh the options alongside the rest of your financial picture.
When should I start saving for my child's education?
The earlier the better. Starting when your child is young gives your savings more time to grow, which can ease the burden when tuition bills arrive. Even modest, regular contributions can add up significantly over time.
Do education savings accounts offer tax benefits?
Yes, many do. Accounts such as 529 plans can offer tax-deferred growth and tax-free withdrawals for qualified education expenses, and some states offer additional tax incentives. Because the specifics depend on your situation and state, TSG works alongside your existing CPA or tax advisor, and dedicated tax services are available through TSG Tax Management.1
Plan for your family’s future.
Contact TSG Wealth Management or call 562.414.0900 to talk through education, special needs, and family care planning.
1 Wells Fargo Advisors Financial Network and TSG Wealth Management are not legal or tax advisors. You should consult with your attorney and tax advisor before taking any action that may have legal or tax consequences.
2 Before investing in a 529 college savings plan, please consider the investment objectives, risks, charges, and expenses carefully. Whether a state tax deduction or other benefit is available may depend on your state of residence; consider whether your or the beneficiary’s home state offers a 529 plan with such benefits before investing.