529 plans for a nephew ?

TerryLewis · Dec 27, 2019

Has anyone tried a 529 plan for savings? I wanted to open a fund for my nephew as a Christmas gift (he's finishing high school), but I didn't manage to collect all the documents. Now, I feel extremely bewildered, because every time I google something about the best variant, I come across thousands of risks and pitfalls. I'd appreciate any help from those who managed to avoid the mortgage (I don't want to go to extremes).
My main question here: is it possible for me to remain the account owner till he's 18 and then transfer it to him, so that there won't be a reported student income on FAFSA?
What are the alternatives? Thanks.

Kestrel · Dec 27, 2019

Hello Terry,
I have split off your new post from the older thread; although they were similar topics, the older thread (here, for reference & if anyone has an interest) had detailed specifics for that particular situation, and I felt like a standalone thread would provide a more relevant conversation for your query.

Hope this helps, and best regards.

bykfixer · Dec 27, 2019

A tax planner would be money well spent versus trying to fight google that is trying to decide for itself what you seek while also trying to decide what it can obtain in revenue based on your querey's.

A face to face chat with an expert on the opposite side of a table may result in you finding more favorable options for your own situation as well.

529 plans for a nephew ?

TerryLewis

Newly Enlightened

Kestrel

Flashaholic

bykfixer

Flashaholic

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