Comments on: Common Questions About 529 Plans and College Savings http://ptmoney.com/common-questions-about-529-plans/ Real Personal Finance for a Life Without Limits! Mon, 13 Feb 2012 00:51:35 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Angeliquehttp://ptmoney.com/common-questions-about-529-plans/comment-page-1/#comment-19718 Angelique Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=4391#comment-19718 Yes, my grandparents have passed, and my dad's name is on everything involving that plan, right above mine. I do know that what was left of my brother's money in his plan was transferred to my account after he graduated, and I know who is listed to take responsibility of the plan if Dad passes away. That's literally all I know about the account. Thank you for the suggestions, I appreciate your input. We'll see how this conversation goes :) Yes, my grandparents have passed, and my dad’s name is on everything involving that plan, right above mine. I do know that what was left of my brother’s money in his plan was transferred to my account after he graduated, and I know who is listed to take responsibility of the plan if Dad passes away. That’s literally all I know about the account. Thank you for the suggestions, I appreciate your input. We’ll see how this conversation goes :)

]]> By: Philip Taylorhttp://ptmoney.com/common-questions-about-529-plans/comment-page-1/#comment-19715 Philip Taylor Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=4391#comment-19715 I'm assuming your grandparents have passed? If so, I would assume your Dad has become the new custodian/trustee of the 529 Plan? You are likely still the beneficiary so the money can only be used for your education expenses unless the beneficiary is changed. And I'm assuming your Dad is now the only one who can make that change.I would definitely reach out to your Dad to understand the ownership of the account. Talking about money can certainly be awkward, but it's important for you and your Dad to start to be able to address these issues as he ages and his money situation becomes more relevant for you. I’m assuming your grandparents have passed? If so, I would assume your Dad has become the new custodian/trustee of the 529 Plan? You are likely still the beneficiary so the money can only be used for your education expenses unless the beneficiary is changed. And I’m assuming your Dad is now the only one who can make that change.

I would definitely reach out to your Dad to understand the ownership of the account. Talking about money can certainly be awkward, but it’s important for you and your Dad to start to be able to address these issues as he ages and his money situation becomes more relevant for you.

]]> By: Angeliquehttp://ptmoney.com/common-questions-about-529-plans/comment-page-1/#comment-19362 Angelique Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=4391#comment-19362 I have a 529 plan that my grandparents set up for me before I was born. I'm in my last semester of my undergraduate, and haven't decided if I want to get my masters yet, but I know there will be money left over. What happens to that money when I'm all squared away? Does my dad get it? Do I get it? We are both listed as beneficiaries, so should I try to talk to him about the leftovers? (He doesn't like to talk about money, and is reluctant to give up control of it, and thusly, I don't know much about how I've been able to finish school debt-free). I have a 529 plan that my grandparents set up for me before I was born. I’m in my last semester of my undergraduate, and haven’t decided if I want to get my masters yet, but I know there will be money left over. What happens to that money when I’m all squared away? Does my dad get it? Do I get it? We are both listed as beneficiaries, so should I try to talk to him about the leftovers? (He doesn’t like to talk about money, and is reluctant to give up control of it, and thusly, I don’t know much about how I’ve been able to finish school debt-free).

]]> By: PThttp://ptmoney.com/common-questions-about-529-plans/comment-page-1/#comment-5739 PT Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=4391#comment-5739 Yes, you can start without kids. You just need to make the beneficiary yourself, or another family member. And you can switch beneficiaries at anytime. Very flexible. Yes, this can be used for yourself for undergrad and graduate school. Thanks for stopping by, Clayton. Yes, you can start without kids. You just need to make the beneficiary yourself, or another family member. And you can switch beneficiaries at anytime. Very flexible. Yes, this can be used for yourself for undergrad and graduate school. Thanks for stopping by, Clayton.

]]> By: Claytonhttp://ptmoney.com/common-questions-about-529-plans/comment-page-1/#comment-5736 Clayton Thu, 01 Jan 1970 00:00:00 +0000 http://ptmoney.com/?p=4391#comment-5736 Two quick questions. you can start one of these things before you have kids right? and the other is can you name yourself the beneficiary say if I wanted a masters in 5-10 years? Thanks Clayton Two quick questions. you can start one of these things before you have kids right? and the other is can you name yourself the beneficiary say if I wanted a masters in 5-10 years? Thanks
Clayton

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