Core Insights - College costs are rising, with the average undergraduate expense for the 2024–25 school year estimated at $30,837, leading to financial strain on families [2][4] - Parents often underestimate the total cost of college, which includes not just tuition but also housing, food, books, and transportation [2][4] - Balancing college funding with retirement savings is crucial, as families may feel pressured to reduce retirement contributions to cover educational expenses [4][5] Financial Strategies - It is advised to automate college savings early through a 529 college savings plan, which offers tax advantages and can be opened before a child is born [6] - Families should complete the Free Application for Federal Student Aid (FAFSA) annually to access federal grants, work-study programs, and lower-cost loans, which can alleviate financial pressure [7][8] - Parents can consider appealing financial aid packages if their circumstances change, and should explore low-interest federal loans and Parent PLUS loans with manageable payment plans [8]

Core Insights - Wealth is perceived by many as an achievement, but high-income individuals understand it should be grown and shared across generations [1] Wealth Transfer Strategies - **Strategic Gifts**: High-income individuals can transfer wealth by giving cash or assets to family members annually, ensuring amounts stay under the annual gift tax exclusion of $19,000 per recipient in 2025 [4][5] - **College Savings Accounts**: Funding a 529 college savings plan is a common wealth-transfer tool, allowing tax-free growth and withdrawals for educational expenses [6][7]