Per NYS 529 "Money you contribute to a NYS 529 account is generally treated as a completed gift to your beneficiary, but as the account owner, you'll still have control over it." I don't currently have Successor Owners (Option 2) but would consider it even with the disadvantages I noted.
I DO consider the IRA rollover to be a windfall.
I don't understand what you mean by "Rollovers (full or partial) between 529s require the sending and receiving account to have the same owner and beneficiary? My Option 3 would have 3 NEW accounts (with me the owner) and my 3 children being the beneficiaries. The 3 new accounts would be funded by transferring money from the grandchildren's accounts. I would also establish Successor Account owners for all accounts AFTER the monies have been transferred.
I DO consider the IRA rollover to be a windfall.
I don't understand what you mean by "Rollovers (full or partial) between 529s require the sending and receiving account to have the same owner and beneficiary? My Option 3 would have 3 NEW accounts (with me the owner) and my 3 children being the beneficiaries. The 3 new accounts would be funded by transferring money from the grandchildren's accounts. I would also establish Successor Account owners for all accounts AFTER the monies have been transferred.
Statistics: Posted by HurleyGuy — Tue Jul 23, 2024 1:02 pm — Replies 2 — Views 226