"All parents have college problems, rich or poor," said Raymond Loewe, founder of College Money, a college savings consulting firm. But Lowe considers 529 plans overly complex vehicles that favor wealthy investors. Instead, he favors variable universal life policies.

Planning for college can be considered a subset of retirement planning, according to Loewe, and an important part of college planning is remembering to set aside enough money for clientsÂ’ retirements after the last child has graduated.

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