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Linda1003
love my 2 boys
Member since 8/08 10923 total posts
Name:
Linda
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(ADDED QUESTION)$$$ QUESTION: 529 OR REGULAR ACCT?
These are the two options we are tossing around. We don't want to do funds just yet.
529 acct.. what if he doesn't go to college?? not sure what the best option is.. 529 or ING?
ADDED QUESTION: If I go with an ING acct.. do I put it in DS's name????
Sorry If these are stupid questions
Message edited 3/17/2010 12:04:16 PM.
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Posted 3/17/10 11:48 AM  |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: $$$ QUESTION: 529 OR REGULAR ACCT?
I don't believe in using a 529 , so we have a regular account for him and it's in my name. It will never be in DS's name until I hand it over to him, he won't know about it.
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| Posted 3/17/10 11:49 AM |
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curliegirl
He's here!!!!
Member since 3/06 10128 total posts
Name:
Gina
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Re: $$$ QUESTION: 529 OR REGULAR ACCT?
We have both a 529 and also save money in a regular account.
The 529 can be transferred to another sibling or I believe there are some other options.....like private school....
And DS will certainly be going o college, afterall, how will he ever become a dermatologist if he doesn't????????  
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| Posted 3/17/10 11:50 AM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: $$$ QUESTION: 529 OR REGULAR ACCT?
Posted by curliegirl
We have both a 529 and also save money in a regular account.
The 529 can be transferred to another sibling or I believe there are some other options.....like private school....
We have both as well-Each child has a 529 for education and a custodial account to supplement education or for a wedding or house down payment, etc.
I figure one the kids will go to school!
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| Posted 3/17/10 11:56 AM |
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Linda1003
love my 2 boys
Member since 8/08 10923 total posts
Name:
Linda
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Re: $$$ QUESTION: 529 OR REGULAR ACCT?
Posted by curliegirl
We have both a 529 and also save money in a regular account.
The 529 can be transferred to another sibling or I believe there are some other options.....like private school....
And DS will certainly be going o college, afterall, how will he ever become a dermatologist if he doesn't????????
LOL!!!
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| Posted 3/17/10 11:56 AM |
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Linda1003
love my 2 boys
Member since 8/08 10923 total posts
Name:
Linda
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(ADDED ANOTHER QUESTION)Re: $$$ QUESTION: 529 OR REGULAR ACCT?
bump for added question
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| Posted 3/17/10 12:04 PM |
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CrankyPants
I'm cranky
Member since 7/06 18178 total posts
Name:
Mama Cranky
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Re: (ADDED QUESTION)$$$ QUESTION: 529 OR REGULAR ACCT?
All the the kid's money is in their name with either me or DH as custodian-for tax purposes and to make it irrevocable.
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| Posted 3/17/10 12:09 PM |
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CucumberGirl
You give the best smiles!
Member since 1/09 2398 total posts
Name:
M~
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Re: (ADDED QUESTION)$$$ QUESTION: 529 OR REGULAR ACCT?
Posted by Linda1003
bump for added question
you should open in the child's name but as a custodial account so that you're in control of it until the child is an adult (or until you decide to tell the child and hand over control which my in-laws didn't do for dh until he was almost 30 and we were getting married - he knew before then for tax purposes but didn't change title on the account until then).
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| Posted 3/17/10 12:12 PM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: (ADDED QUESTION)$$$ QUESTION: 529 OR REGULAR ACCT?
Posted by hopeful2009
Posted by Linda1003
bump for added question
you should open in the child's name but as a custodial account so that you're in control of it until the child is an adult (or until you decide to tell the child and hand over control which my in-laws didn't do for dh until he was almost 30 and we were getting married - he knew before then for tax purposes but didn't change title on the account until then).
Thats how we set it up. We have both - 529 and ING which is linked to an account at a local bank.
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| Posted 3/17/10 12:24 PM |
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4PsInaPod
My Loves <3
Member since 7/07 10079 total posts
Name:
D
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Re: (ADDED QUESTION)$$$ QUESTION: 529 OR REGULAR ACCT?
we opened a regular savings account for him
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| Posted 3/17/10 12:40 PM |
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-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
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Re: (ADDED QUESTION)$$$ QUESTION: 529 OR REGULAR ACCT?
Posted by CrankyPants
Posted by curliegirl
We have both a 529 and also save money in a regular account.
The 529 can be transferred to another sibling or I believe there are some other options.....like private school....
We have both as well-Each child has a 529 for education and a custodial account to supplement education or for a wedding or house down payment, etc.
I figure one the kids will go to school!
We have both accounts as well. We contribute monthly to the 529, and and maintain custodial savings accts for them with birthday/christmas money.
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| Posted 3/17/10 12:45 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: (ADDED QUESTION)$$$ QUESTION: 529 OR REGULAR ACCT?
DSs ING accounts are in my name and DSs names. He cannot have them in their names alone since they are minors
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| Posted 3/17/10 12:54 PM |
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shapla79
Where Does The Time Go?
Member since 11/07 4619 total posts
Name:
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Re: (ADDED QUESTION)$$$ QUESTION: 529 OR REGULAR ACCT?
DS has both a 529 and a savings account. To answer your question about what if your kid doesn't go to college:
1. You can pass the savings on to a sibling. If the siblings don't want it and they eventually have kids, you can pass it on to a grandchild.
2. If all else fails, you can withdraw from the 529, but you end up paying taxes and I believe a 10% penalty.
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| Posted 3/17/10 1:33 PM |
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