Preparing for the future using 529 accounts.
Chances are that if you’re a proud grandparent, you want to do all you can to ensure that your grandchildren have a shot at a great education. It is possible to give them that start by opening a 529 college account. Named for section 529 of the Internal Revenue Code, these accounts give grandparents the ability to place funding into an account which can be invested for money for someone’s education.
There are many beneficial aspects to investing in a 529. Those taking advantage of these plans may actually use them regardless of what state the plan comes from. Plus, if you select a prepaid plan, you can put the money away already for college use. If you wish to have a rate of return on your funds, then you could select a savings account, which has the potential to grow in much the same manner that retirement accounts grow. Money is put in the account and placed into mutual funds and the like.
As the account owner, you have full control over the 529 account and have final say over where the money goes. This can help protect your grandchildren from making mistakes in financial judgment. Sometimes, when a minor reaches young adulthood, they may not be wise in handling their money. With these 529 accounts, you can rest easy knowing that the beneficiary cannot remove money from the account themselves. This could prevent poor decisions and leave the grandchild’s educational future intact. For students, they get the pleasure and relief of knowing that financial aid goes pretty much unaffected by benefiting from a 529. In addition, students don’t have to worry about their tax returns, as these accounts generally grow without counting against the student’s taxes.
One of the things you must be aware of when operating a 529 account is whether it will affect certain assistance you wish to receive. If you are trying to apply for Medicaid, states could view 529 college accounts as something to be considered an asset – and in order to be qualified to receive Medicaid, you may have to use up those monies first. Also, anytime you are making a family decision involving grandchildren, the child’s parents come into play. You should make sure you all have the same goals and wishes in mind so you can make the right decisions regarding your account.
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