529 Designation
My mom opened 529 plans for each of my 3 kids when they were younger. Now I have two kids in college. We’re aboit to exhaust the balance of the 529 for one of my kids. The other kid’s tuition is being paid by his father, so will not need the money in his 529. Can my mom use one grandchild’s 529 money for the other grandchild who needs it? If not, and my other son doesn’t use it, what happens to that money?
Thank you!! Love Terry!!
Terry Says
You made me smile. Yes, 529 plans can be used by any child in the family. Notify the 529 custodian about your plan to use the money for the other child’s education. They will advise about the process.
Happy New Year! Sorry to be late in responding — but my resolution was to catch up before the end of the year!
