The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/ps-sorry-for-posting-over-my-own-prior-post-30305347.aspx

Subject:  Re: Gift to 529 plan Date:  10/7/2012  1:38 PM
Author:  vkg Number:  116757 of 121061

PS - sorry for posting over my own prior post, but your parents could open their own 529 plan account, in which they were the owners and your son was the benficiary.

If their parents are attempting to gift the money to remove it from their estate, it may not be a good idea for them to be the owners.

It doesn't sound like the parents would be applying for Medicaid in the next few years. Transfer of ownership of a 529 would need to be reported for Medicaid.

If the gift is significant, it is time for professional estate planning advice.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us