Re: College 529s as estate tax tool -- Insurance Forum

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Date Posted: Sat, June 22 2002, 13:58:22
Author: Semper Fidelis
Subject: Re: College 529s as estate tax tool
In reply to: Jim Corr 's message, "Re: College 529s as estate tax tool" on Fri, June 21 2002, 9:52:08

Jim:

529's are not limited to only those under age 18 as beneficiaries. You can open a 529 with you as the owner and as the beneficiary. You can change the beneficiary at a later date if you desire.

In the posted scenario the son would get the money because the account was set up with him as the contingent owner. Upon the grandparents (the owners) death the son would gain control of the money. One of the advantages of the 529 as compared to an UGMA is that the owner retains control of the money.

>Not sure I followed you. I thought you could only open
>529 plans on someone who was 18 or younger (that would
>leave out the 529 plans on the grandparents). Second
>when the grandparents die why would their son get the
>money? Wouldn't it still be in the account for the
>benefit of the grandchildren?
>
>Jim in Riverside

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Replies:

Re: College 529s as estate tax tool -- Keith Busmente, Sat, June 22 2002, 14:54:44