For folks who expect to foot the bill for their kids’ college and maybe even graduate school education, it’s not a matter of whether to save but how to. There are state-sponsored 529 college savings plans, fancy gift trusts for education and plain old vanilla taxable savings accounts. Is one better than the other?
“You’re making a decision at a very early age about something pretty far off in the future,” says Suzanne Shier, chief wealth planning and tax strategist at Northern Trust who sees college planning as a two-step process. First, she helps clients figure . . .