529 discussed on WGN this mprning
We have a Bright Directions account for our grandkids. You discussed Bright Start.
Do we need an account for each child in the same family, or can we have just one account with both of their names ?
The rep from Bright Directions said we can’t have 2 names in the same account.
Thank you
Terry Says
Bright Directions is a separate Illinois 529 plan. Because it is sold by brokers and financial advisors, it has slightly higher fees.
This is something you can — and should — do on your own, by opening an account in BrightStart.com. You’ll pay slightly lower fees, and if you don’t know how to invest, simply chose the “age-based” portfolio depending on the age of the child.
Like all 529 plans, money can be used by any children in the family, so you don’t need separate plans for each.
