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sfp0701
Liam's Mommy!
Member since 1/07 9764 total posts
Name:
Tricia
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529's- spinoff to child's gift/money
So My MIL set one up for Liam. She put a nice chunck in there and she plans to keep adding. I am so grateful for that too! We haven't added anything else. We have a savings account for him.
She is always making not so subtle hints to anyone that will listen that every single person that gives him money should just put it right into the 529.
I like the idea.. saving for college and all.. But, what if he doesn't go to college.. I mean.. I course I want him to. But, what if it isn't for him? I am all for college and he would break my heart if he didn't go.. but, you know.. I never know what life will bring. Then poor Liam gets none of his money.
Like, I mean what if the military is for him.. or he becomes a pro-football player...  Kididng. But, in a way serious. Do you put it all into the 529 or does anyone feel weird about dumping a ton of cash into that.
I am not sure right now if we will have another kid. So transferring it won't be an option.
Message edited 4/15/2010 8:30:11 PM.
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Posted 4/15/10 8:27 PM  |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: 529's- spinoff to child's gift/money
You can always transfer to another child or adult so I feel pretty comfortable that someone will be attending college and will be able to use the money
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| Posted 4/15/10 8:46 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: 529's- spinoff to child's gift/money
My mom and I have been discussing this. I think we decided to do an online savings account that we will both contribute to. I feel like DD will be so spoiled with gifts that my parents and Dh &I will give smaller gifts and contribute money to the account. I will also put all money DD receives as gifts into the account. Eventually we may decide to invest some of it (my parents did this for me & I have a nice amount)
We just weren't sold on the 529 plans. Like what if DD gets a scholarship? I feel the same as you about college, but ultimately, it's her decision and I won't force her and basically WASTE the money if she doesn't want to go to college.
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| Posted 4/15/10 8:55 PM |
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A3CM
Avatar Title
Member since 9/08 3762 total posts
Name:
Mommy
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Re: 529's- spinoff to child's gift/money
we didnt set up a 529 for that reason and that reason alone... yes they can use the money for other things, but the taxes they will be hit with isnt worth the chance,
i would never put all my eggs in one basket... that is just me...
for DS & DD we have stocks/bonds/savings accounts
this way its distributed not in one basket
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| Posted 4/15/10 8:56 PM |
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twicethefun
Loving life
Member since 7/06 4088 total posts
Name:
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Re: 529's- spinoff to child's gift/money
You really should put the 529 in your name anyway, because the more money the child has, the less financial aid they will receive.
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| Posted 4/15/10 8:58 PM |
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twinkletoes807
Mommy's Girls! ♥
Member since 11/07 10116 total posts
Name:
Gabi
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Re: 529's- spinoff to child's gift/money
Posted by twicethefun
You really should put the 529 in your name anyway, because the more money the child has, the less financial aid they will receive.
The more money the parents have, less financial aid the child will receive as well.
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| Posted 4/15/10 9:31 PM |
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twicethefun
Loving life
Member since 7/06 4088 total posts
Name:
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Re: 529's- spinoff to child's gift/money
Posted by twinkletoes807
Posted by twicethefun
You really should put the 529 in your name anyway, because the more money the child has, the less financial aid they will receive.
The more money the parents have, less financial aid the child will receive as well.
This is true and it depends on how much money your saving and exactly what type of plan your in. But when being considered for financial aid, the childs assests are looked at seperately and considered seperately. The more they have the less likely the are to get financial aid. Most financial advisors tell you to keep accounts in parents names, because parents assets are considered at a lesser rate. However there are tax benefits to having it in the childs name.
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| Posted 4/15/10 9:46 PM |
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