College Savings Planning with Veritas Wealth Management

Planning for higher education is one of the most meaningful financial goals a family can set. College costs continue to rise, and without a clear strategy, tuition, housing, books, and related expenses can place unnecessary pressure on your broader financial life. At Veritas Wealth Management, college planning is approached with the same discipline and clarity used for retirement, tax strategy, and estate planning—because education funding should support your long-term goals, not compete with them.

I’m Troy Knighton, CPA and founder of Veritas Wealth Management in Salt Lake City. As a multifaceted advisor, I help individuals, families, and businesses create durable financial plans that account for taxes, cash flow, investments, and legacy considerations. My work includes advising trusts, partnerships, not-for-profit organizations, and retirement plans, which allows me to view college funding in the full context of a family’s financial picture.

Why College Planning Requires More Than Just Saving

College funding is often treated as a standalone goal. In reality, it intersects with income taxes, investment strategy, estate planning, and even retirement timing. Choosing the wrong savings vehicle, overfunding one account, or failing to coordinate assets can create inefficiencies that linger for decades.

A well-designed college savings plan should answer several questions clearly:

How much should you save, and by when?
Which accounts provide the best tax efficiency?
How does college funding affect retirement readiness?
What happens if the child doesn’t attend college or receives scholarships?

Answering these questions requires both financial planning expertise and a strong understanding of the tax code. While you do not need to be a Certified Public Accountant to be a financial advisor, there are significant advantages to pairing financial planning with deep tax knowledge—especially when evaluating education-focused strategies.

All your assets are controlled by you and held in your name by our independent custodian, Schwab Institutional or Fidelity Institutional. I receive no compensation from them. You can check your portfolio 24/7 on their website. I will have limited power of attorney to execute transactions on your behalf.

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Understanding 529 Plans

Among the most powerful tools available for education funding are 529 plans. A 529 plan is a tax-advantaged account designed specifically for qualified education expenses. When structured properly, these accounts can play a central role in a comprehensive college savings plan.

Key benefits of 529 plans include tax-deferred growth and tax-free withdrawals when funds are used for qualified education expenses. Depending on your situation, contributions may also qualify for state-level tax benefits. Over time, the compounding effect of tax-efficient growth can substantially reduce the out-of-pocket cost of college.

A 529 college savings plan can be used for:

Tuition and fees
Room and board (within IRS guidelines)
Books, supplies, and required equipment
Certain K–12 tuition expenses
Some student loan repayments, within limits

However, not all 529 plans are created equal. Investment options, fees, flexibility, and state-specific rules vary. Selecting and managing the right plan requires careful analysis, particularly when multiple children, trusts, or gifting strategies are involved.

Building a Strategic College Savings Plan

At Veritas Wealth Management, a college savings plan is not built in isolation. It is integrated into your broader financial framework to ensure balance and sustainability. This process typically includes:

Goal Definition

We begin by clarifying expectations. Are you planning to fully fund college, partially fund it, or provide a defined contribution? Are private or out-of-state schools being considered? Clear goals drive realistic savings targets.

Time Horizon and Cash Flow Analysis

The number of years until enrollment directly affects investment strategy. Families with younger children may be able to take on more market exposure, while those closer to college age often benefit from a more conservative allocation. Cash flow analysis ensures contributions are sustainable year after year.

Tax-Aware Contribution Strategy

This is where CPA-level planning adds measurable value. Contributions to 529 plans can be coordinated with annual gifting limits, estate planning goals, and income fluctuations. In some cases, front-loading contributions may be advantageous. In others, a gradual approach aligns better with tax efficiency.

Investment Oversight

A 529 college savings plan is an investment account, not just a savings account. Ongoing monitoring, rebalancing, and risk management are essential to help protect progress as college approaches.

College Planning and the Bigger Financial Picture

One of the most common mistakes families make is prioritizing college savings at the expense of retirement security. While education is important, retirement funding often offers fewer borrowing options and less flexibility.

A coordinated college savings plan respects this balance. We evaluate how education funding fits alongside retirement plans, taxable investment accounts, and emergency reserves. When appropriate, alternative strategies—such as combining 529 plans with other investment vehicles—may provide additional flexibility.

For families with higher net worth or complex structures, college planning may also involve trusts or multi-generational gifting strategies. These approaches require careful tax coordination to ensure compliance while maximizing efficiency.

What If Plans Change?

Flexibility is an important feature of modern 529 plans. If a beneficiary does not attend college, receives scholarships, or chooses a different educational path, options remain available. Beneficiaries can often be changed to another family member, and funds may still be used for qualified expenses without penalty.

Understanding these contingencies upfront reduces uncertainty and helps families move forward with confidence. A thoughtful college savings plan accounts for change rather than assuming a single outcome.

Why Work with Veritas Wealth Management

College funding decisions can have ripple effects across decades. At Veritas Wealth Management, the objective is clarity—helping you understand your options, the tax implications of each choice, and how those choices align with your long-term goals.

As both a financial advisor and CPA, my role is to integrate planning disciplines that are too often separated. This integrated approach allows families to pursue education funding with confidence, knowing their strategy is aligned with tax efficiency, investment discipline, and long-term financial security.

Whether you are just beginning to explore 529 plans or looking to refine an existing college savings plan, professional guidance can make a meaningful difference. With the right structure, a 529 college savings plan becomes more than a savings account—it becomes a strategic tool supporting your family’s future.

Start Planning with Confidence

College is one of the largest investments many families will ever make. With proper planning, it does not have to derail other financial priorities. A disciplined, tax-aware approach to college savings can help transform uncertainty into a clear, actionable plan.

Veritas Wealth Management is committed to helping families navigate these decisions thoughtfully and strategically—so education goals are met without compromising what matters most over the long term.