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Financial Planning / Paying For College

URL:  https://boards.fool.com/gtif-i-am-the-account-owner-of-a-529-for-the-15507786.aspx

Subject:  Re: Personal Financial Statement Date:  8/5/2001  8:40 AM
Author:  ibforms Number:  4131 of 8586

>If I am the account owner of a 529 for the benefit of my daughter do I disclose this account, even though the funds are not mine, on my personal financial statement?

Here's what the Virginia Prepaid Education Program says:
"It is possible that a VPEP contract may be considered an asset of the contract owner or beneficiary and therefore may affect qualification for need-based federal or state benefit programs."

If you are putting together your personal financial statement for a reason other than to qualify for a need-based benefit program, here's their Q&A:
"Should I report my VPEP contract when applying for credit? No. A VPEP contract is an asset, not a loan or debt. It is therefore unnecessary to disclose your monthly VPEP payments on credit or loan applications, except as an investment that you own. Also, keep in mind that all VPEP account information is confidential and will not be released without the purchaser's written consent."
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