| Posted By |
Message |
karacg
Babygirl is 4!
Member since 5/05 17076 total posts
Name:
Kara®
|
529?
Has anyone opened one yet? DO you know how early you can do this? TIA.
|
Posted 10/22/06 5:43 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
|
Re: 529?
You can do it now. Just make yourself the beneficiary and then change it once the baby gets here. I wouldn't necessarily suggest making the account a UGMA/UTMA account because then it's exclusively for the use of that child and they may not go to a qualified school.
|
| Posted 10/22/06 6:13 AM |
| |
|
trnity44
I hope you stay beautiful baby
Member since 5/05 8356 total posts
Name:
Liz
|
Re: 529?
I'm not really sure that you can do this now. DH and I already tried, but our financial advisor told us that we cant do it unless there is a child with a social security number. We were able to open another type of account (dont ask me what because I do not know) and then once the baby is born, we can move that into a 529.
|
| Posted 10/22/06 9:26 AM |
| |
|
leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
|
Re: 529?
I don't even know what that is!! 
Should I? 
|
| Posted 10/22/06 9:36 AM |
| |
|
LIMOMx2
...
Member since 5/05 24989 total posts
Name:
|
Re: 529?
Posted by leighla
I don't even know what that is!!
Should I?
It is a college plan. My parent's gave it to Andrew for his Baptism. Every year they are putting money in it and even have it set up that if god forbid they die before he is 18 money will still go into it.
I thought it was such a great gift.
Message edited 10/22/2006 9:39:04 AM.
|
| Posted 10/22/06 9:38 AM |
| |
|
leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
|
Re: 529?
Posted by 5ofClubs
Posted by leighla
I don't even know what that is!!
Should I?
It is a college plan. My parent's gave it to Andrew for his Baptism. Every year they are putting money in it and even have it set up that if god forbid they die before he is 18 money will still go into it.
I thought it was such a great gift.
Ah...thanks!
Is it NY State only?
|
| Posted 10/22/06 9:39 AM |
| |
|
LIMOMx2
...
Member since 5/05 24989 total posts
Name:
|
Re: 529?
I am pretty sure it is not just NY.
|
| Posted 10/22/06 9:46 AM |
| |
|
dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
|
Re: 529?
Posted by leighla
Posted by 5ofClubs
Posted by leighla
I don't even know what that is!!
Should I?
It is a college plan. My parent's gave it to Andrew for his Baptism. Every year they are putting money in it and even have it set up that if god forbid they die before he is 18 money will still go into it.
I thought it was such a great gift.
Ah...thanks!
its federal
|
| Posted 10/22/06 10:20 AM |
| |
|
Tanaholic
My Big Boy!
Member since 10/05 2383 total posts
Name:
|
Re: 529?
We opened one the week he was born, I believe you need a soc security # for the baby to open it.
|
| Posted 10/22/06 10:21 AM |
| |
|
nferrandi
too excited for words
Member since 10/05 18538 total posts
Name:
Nicole
|
Re: 529?
Posted by Tanaholic
We opened one the week he was born, I believe you need a soc security # for the baby to open it.
I'm pretty sure you're right because my dad keeps telling me to get Luca's SS# the second he's born so he can start the college fund this year.
|
| Posted 10/22/06 10:38 AM |
| |
|
CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
|
Re: 529?
Posted by Tanaholic
We opened one the week he was born, I believe you need a soc security # for the baby to open it.
You don't need a social security # to open for the child. Since the owner is usually a parent, that is the one that opens the account. The beneficiary can be anyone and can be changed at any time. So, open it, name a beneficiary such as yourself and then change it when the baby is born.
Vanguard is the non advisor plan in NYS and Columbia is the advisor plan.
NYS 529 Plan
Feel free to FM me with any questions, Kara.
|
| Posted 10/22/06 11:11 AM |
| |
|
karacg
Babygirl is 4!
Member since 5/05 17076 total posts
Name:
Kara®
|
Re: 529?
Posted by shamrock12472
You don't need a social security # to open for the child. Since the owner is usually a parent, that is the one that opens the account. The beneficiary can be anyone and can be changed at any time. So, open it, name a beneficiary such as yourself and then change it when the baby is born.
Vanguard is the non advisor plan in NYS and Columbia is the advisor plan.
NYS 529 Plan
Feel free to FM me with any questions, Kara.
Thanks Morgan - I should of thought to ask you directly! But hey, now more people know about it right??
DH's family was talking to us about it as soon as we told them we were pg. We had heard of it but not details.
I think we will do this ASAP.
|
| Posted 10/22/06 12:21 PM |
| |
|
