Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
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?

Thanks,
e
Print the post Back To Top
No. of Recommendations: 0
Just in case anyone else was interested in this question I thought I'd post the answer: YES.

The account owner always maintains control over the assets in teh account. Therefore, the assets are considered to be the account owner's until a qualified distribution occurs.

e
Print the post Back To Top
No. of Recommendations: 0
>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."
Print the post Back To Top