Carlson Capital Management

Integrated Wealth Management

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Considerations in Honor of 5-29 Day

Jason Kley – Carlson Capital Management
Jason Kley, CFP®, AIF®, MBA

Senior Integrated Wealth Advisor, Director of Operational Excellence
952.230.6705
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  We are privileged to walk alongside our clients to help them achieve their financial goals and objectives.  

Professional Biography
Jason Kley is a Senior Integrated Wealth Advisor and the Director of Operational Excellence at Carlson Capital Management. As a Senior Advisor, Jason partners with clients and their families providing the firm's fully integrated wealth management experience including investment management, retirement modeling, estate, philanthropic and educational planning and all other aspects of general financial planning and client care. In this role, Jason also connects clients with the firm's specialists for overall portfolio management as well as direct access to expertise in areas such as tax planning and insurance analysis. In addition, Jason is a member of the firm's investment committee, helping to advise on investment practices and strategies. Jason also serves as the Director of Operational Excellence, driving operational consistency in and across advice teams to help ensure proper application of fiduciary standards and risk controls and a high standard for the client experience within the firm.

Jason holds a Bachelor of Arts degree in Math and Computer Science from the University of St. Thomas where he graduated magna cum laude in 1998. He went on to earn an MBA with an emphasis in Finance and Strategy from Washington University in St. Louis. As a graduate student Jason was recognized for his strong leadership in being named a Leadership Fellow and Dean’s Special Service award recipient. Jason holds the Certified Financial Planner™ designation granted through the Certified Financial Planner Board of Standards, as well as an Accredited Investment Fiduciary professional designation, awarded by the Center for Fiduciary Studies.  The AIF designation affirms the highest in fiduciary standards of care for CCM clients.

Before joining the CCM team, Jason worked for a Minneapolis wealth management firm where he served as a financial advisor, investment committee member, and 401k plan specialist. Prior to that, Jason worked for Thrivent Financial and Union Pacific, serving in business analyst and strategic operational roles.

Jason serves on the Minnesota Jump$tart Board, which is an organization focused on advancing financial literacy for youth. He is also a member of the Children's Minnesota Foundation Legacy Advisors. In addition, Jason volunteers his time through the Financial Matters program of BestPrep, speaking to high school and college students about financial principles, Angel Foundation, and Urban Ventures. Jason previously served on the Financial Planning Association of Minnesota Board and was President of the organization in 2018. He is a past member of the Minneapolis Regional Chamber of Commerce DRIVE Emerging Leaders Board, BestPrep’s Minnesota Business Venture Advisory Committee, and the City of St. Louis Park Police Advisory Commission. Jason was awarded the BestPrep Volunteer of the Year in 2016 and named the Minneapolis Chamber of Commerce Emerging Leader of the Year in 2009. He has been featured in various publications including Minnesota Business, the Minneapolis-St. Paul Business Journal, and the Minneapolis Star Tribune.

Outside of work, Jason enjoys spending time with family, outdoor activities, and traveling. Jason, his wife Sheila, and their two sons reside in Eden Prairie, Minnesota.

Personal Thoughts
With each passing year, I find that I am placing an increased emphasis on being focused. On the surface, having focus seems to run counter to the priority our society places on multi-tasking. In reality, the more focus one has—the more efficient they really are. When I’m able to focus on a conversation, I can understand more clearly and develop relationships through more attentive listening. When I am truly engaged with someone, it means putting down my mobile device, listening, and asking questions. If I’m focused on a project, I’m more effective, I’m learning more and am producing better outcomes. As I am playing with my children, I’m focused on inspiring their creativity and teaching them life lessons. Nothing else matters at that moment in time. Focus allows me to prioritize the things that are important in life, and allows me to drown out the noise that I cannot control. Focusing on things that are important forces me to move beyond the things that are not.

I enjoy working with our clients at CCM and I appreciate the opportunity to focus on what I can do to help them meet their goals, and allow them to focus on what matters most to them.

Jason and other members of the CCM Advisory Team regularly post articles of interest on financial planning which you can find here.

Jason Kley
Jason Kley, CFP®, AIF®, MBA
Senior Integrated Wealth Advisor, Director of Operational Excellence

May 29 is 529 College Savings Day—a day to raise awareness about the value of planning and saving for higher education expenses with 529 plans. With that in mind, we have some insights and reminders for you about this important savings vehicle.

Education expenses represent one of the largest financial commitments that people make in their lifetime. Pairing that with earnings potential derived from education, it is also one of the most important purchases that many people will make. In 2020-2021, the average estimated budgets (tuition and fees, room and board, and allowances for books and supplies, transportation and other personal expenses) for full-time undergraduate students ranged from $18,550 for public two-year in-district students to $54,880 for private nonprofit four-year students.  The tuition alone at some colleges can substantially exceed these amounts while some of the schools with the highest “sticker prices” offer more grant-based financial aid and scholarships to bring the prices in line with, or even below, the averages. At CCM, we recommend proactive education planning, and putting strategies in place to meet education expenses so students are set up for success in the future.

529 Plans

For many people, one of the best savings vehicles for education is a 529 account. A popular type of 529 plan is an education savings plan that allows a person to contribute after-tax money which grows tax free if used for educational purposes. Given the tax fee growth potential of a 529 account, the sooner a family considers this savings tool for a child, grandchild or other family member, the more beneficial.

Traditionally, 529 plans have been used for college and university expenses. Due to federal legislation over the last few years, eligible expenses for 529 accounts have been expanded to include K-12 tuition, student loan repayments, and registered apprenticeships. Relatedly, there is an annual limit of $10,000 on qualified K-12 withdrawals and a $10,000 lifetime limit on student loan repayments with an additional $10,000 eligible loan repayment for each of the beneficiary’s siblings. Along with having the benefit of tax-free growth, many states offer tax deductions or credits for 529 account contributions. In addition, the growth of an investment within a 529 account is outside one’s estate, and the owner of the 529 account retains control over the account regardless of the beneficiary’s age. Another type of 529 plan is a prepaid tuition plan that allows one to pay today’s cost for future education at a limited number of schools, which is a lucrative option for some families. (Note that many prepaid tuition plans have time or age limits for using the funds.)

Most families will need to make a decision about funding a 529 plan before they know the type of school or scale of expenses they’re considering for the future. A benefit of the 529 that provides future flexibility is that the beneficiary can be changed at a later time. Our team at CCM can assist you with the education projections and optimal funding levels.

The College Search and Financing

The first step for most students is determining the right fit for the type of education that is important to them. For example, which kind of school provides the ideal preparation for the career the student envisions, the life skills they desire, and the experience they want to have? Is it an experience at a 4-year school, 2-year school or a trade school? From a financial perspective, an important consideration in looking at costs after grant-based aid and scholarships are applied, is the post-graduate earnings potential. The next step for every family with a student who will be attending an institution of higher education should be to complete the Free Application for Federal Student Aid (FAFSA®). It’s the tool that most schools use to determine eligibility for both need-based and non-need-based funding sources. This is important in determining actual costs as opposed to the “sticker price.” As part of recent legislation, completing the FAFSA® form has become simpler and more efficient to complete, as the number of questions has been reduced from 108 to under 40. After conducting a college search, and determining the actual cost versus the sticker price, it’s then time to identify and determine the best funding sources for the expenses – income, loans, and/or savings. Here too, we are happy to work with you on optimal scenarios.   

As we recognize 5-29 Day, it is a good opportunity to think more about your education plan for children or grandchildren and to connect with your CCM advisor about the best strategy for your family.

Read more about working with CCM Advisory Team members on 529 Plans and Education Planning.


NOTE: The information provided in this article is intended for clients of Carlson Capital Management. We recommend that individuals consult with a professional adviser familiar with their particular situation for advice concerning specific investment, accounting, tax, and legal matters before taking any action.
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Published May 23, 2022 Topics: 529 Plans, College Savings Plans, Education Planning

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