UnThreaded | Threaded | Whole Thread (19) | Ignore Thread Prev | Next
Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308232  
Subject: Re: Affording college. Date: 8/13/2012 10:35 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
Who also suggests not putting college savings in the kids' names as they could use that money for anything they want, but with a 529 college savings plan, if they don't use it you can always designate a new beneficiary...

I'm not a big believer in 529 plans, but would point out that this is only one of many options to be used for college savings. Personally, we saved a pittance in 529 plans for the kids because I wanted that we hadn't left any stone unturned, but the vast majority of their college savings were kept in taxable accounts in our names. That meant it counted less in terms of financial aid, which didn't matter because they didn't qualify anyhow, that we could use the money for anything that we wanted including their college or a new car for us, that we could spend it in any amount or proportion for the kids so that we ended up spending to their need and not equal amounts just because they are twins, and we can use whatever is left over to do whatever we wish with that including adding it to our retirement account or opting to give it to the kids to get them started in life.

Personally, I found this to be the most flexible for us, and I would encourage anyone saving for college to look at all options and not just plunk money into a 529 because it is 'a college account.' There are pros and cons to all options, and so all options should be weighed in terms of the big picture.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (19) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
2013 Feste Award Voting Begins!
Who will win the 2013 Feste Award? Vote now for the Fool that most exemplifies the Fool Community mission of Learning Together!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Tax Strategies

TMFPMarti-Feeling Good
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement