tag:blogger.com,1999:blog-8545834.post8705738307476780708..comments2023-06-20T06:46:10.521-05:00Comments on Be the Best You Can Be: A grave problem with 529 plans and special needs childrenJGFhttp://www.blogger.com/profile/14580785981874040314noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-8545834.post-74806681779275127382012-05-12T20:04:11.828-05:002012-05-12T20:04:11.828-05:00Summary: I don't believe that this concern is...Summary: I don't believe that this concern is valid.<br /><br />Disclaimer: I'm speaking from the point of view of someone who has 529 plans, some with my children as beneficiaries, some for nieces, and some for children of dear friends.<br /><br />I'm also not a lawyer or such, but...<br /><br />A 529 plan is *not* in the name of the child. It belongs to the person who set it up - the child is a "beneficiary". In fact, one of the nice things about 529 plans is that are not/should not be reported as the child's asset (although it does have to be reported as a parental asset w.r.t. your own children). <br /><br />If that abstract claim wasn't enough, it is a fact that 529 assets can be freely moved (by the owner) from one child's account to another related child's account (up to cousins, but I don't know the exact limits). So, in theory, the special-needs child might have $1,000 in their account – or not even have an account - and have assets transferred in from a sibling at any time.Glenn Trewitthttps://www.blogger.com/profile/11938573310599944069noreply@blogger.com