The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Gift to 529 plan||Date: 10/6/2012 11:23 PM|
|Author: JAFO31||Number: 116754 of 123001|
<<<You own the 529 plan. A gift to the 529 plan is a gift to you, NOT your son. Owners can always withdraw funds from a plan.
If the gift is to your son, then you would need to open another 529 plan account in which your son was both the owner and the beneficiary.
Putting your son's assets into your 529 plan is converting his assets.>>>
"I looked into this some more."
"Fidelity had two options when I opened the account. Individual or custodial. They point out that individual is "This is the most common type of 529 plan account. It enables an individual to save for qualified higher education expenses for a designated beneficiary." I picked this one based on the description."
"Instead I should have picked custodial."
"I'll open a new account as a custodial account."
This may not be issues for you, but at least two things for you to think anbout.
If you open it as custodial, then the money is your s