529s and grandparents
Terry. . . not a question, just a comment. In today's column in the San Diego UT, you didn't mention the possibility of establishing 529s for yet-unborn babies. Several years ago, I set up 529 accounts for my four grandchildren and soon will be setting up 8 accounts for yet-unborn great-grandchildren, anticipating two greats per grand. I checked with my 529 provider and they said I could set up an account in my name and when each anticipated great is born, I could move the funds into that child's name. My plan, if more than eight greats are born to the four grands, I would match the proportional amount gained at that time and set up the 529 account for that child.
Terry Says
I think that's a FABULOUS idea! And a great estate planning tool. I often advise young married couples who are planning to have children to start saving in a parent's name in a 529 account. The column space only gives me 650 words (!) so I can't always cover all details. But you make a great point. (And you know that if any grandchild gets a scholarship, or turns out to be a flake, you can always either take the money back --or transfer it to another member of the family!)
