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Grandparents upset with 529 college saving plans

By Roy Kelley

Real Estate Agent with Realty Group Referrals 16766

May 30, 2018 03:00 AM

Re-Blog

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Grant Schneider

Performance Development Strategies - Armonk, NY

Your Coach Helping You Create Successful Outcomes

Good morning Roy - no grandchildren yet but will have to consider this. Thanks for sharing.

May 30, 2018 03:27 AM

Roy Kelley

Gaithersburg, MD

Barbara Todaro

RE/MAX Executive Realty - Retired - Franklin, MA

Previously Affiliated with The Todaro Team

Good morning, Roy Kelley wow...a 50% penalty is quite a whack....

May 30, 2018 03:53 AM

Roy Kelley

Gaithersburg, MD

Gita Bantwal

RE/MAX Centre Realtors - Warwick, PA

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the information. I was not aware of it.

May 30, 2018 04:11 AM

Roy Kelley

Gaithersburg, MD

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Great advice, Roy, to seek professional help on how to set up college funds for grandkids... been there and done that... and fortunately at the end of that process now.

May 30, 2018 04:13 AM

Roy Kelley

Gaithersburg, MD

Wayne Martin

Wayne M Martin - Chicago, IL

Real Estate Broker - Retired

Good morning Roy. First grandchild due June 2! Timely advice! Thanks. Enjoy your day!

May 30, 2018 04:24 AM

Roy Kelley

Gaithersburg, MD

Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

Excellent advice, Roy. There are other more beneficial ways of accomplishing this goal.

May 30, 2018 04:46 AM

Roy Kelley

Gaithersburg, MD

Dorie Dillard Austin TX

Coldwell Banker Realty ~ 512.750.6899 - Austin, TX

NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Roy Kelley ,

Obtaining the advice of a financial adviser is very important concerning accounts like this. We were told by ours the parents should set it up and we can contribute as often as we want which we do!

May 30, 2018 05:18 AM

Roy Kelley

Gaithersburg, MD

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Roy, goodness, that is quite the penalty, and sad grandparents cannot save for their grandkids.

May 30, 2018 05:53 AM

Roy Kelley

Gaithersburg, MD

Amanda S. Davidson

Amanda Davidson Real Estate Group Brokered By eXp Realty - Alexandria, VA

Alexandria Virginia Homes For Sale

Roy, very important information you shared. You're right, it's best to consult with an advisor before making these decisions.

May 30, 2018 06:07 AM

Roy Kelley

Gaithersburg, MD

Brian England

Vacasa - Gilbert, AZ

MBA, GRI, REALTOR® Real Estate in East Valley AZ

I should look into this more, as I setup a 529 plan for my niece and nephews, which is different than if a parent or grandparent did.

May 30, 2018 06:39 AM

Roy Kelley

Gaithersburg, MD

Debb Janes EcoBroker and Bernie Stea JD

ViewHomes of Clark County - Nature As Neighbors - Camas, WA

REALTORS® in Clark County, WA

That is incredible - that's a terrible tax hit. I had no idea - the kids have set up accounts for the kids and we just send money - and they deposit it, hoping it's different. I will check. D

May 30, 2018 06:40 AM

Roy Kelley

Gaithersburg, MD

Michele Cadogan 917-861-9166

Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY

Licensed Real Estate Associate Broker -

Good timely post - as we head into graduation season and some grandparents are thinking of gifting their middle school grandchildren with these types of accounts.

May 30, 2018 12:30 PM

Roy Kelley

Gaithersburg, MD

Inna Ivchenko

Barcode Properties - Encino, CA

Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Wow, I had no idea. I used these savings for my kids college too.

May 30, 2018 04:15 PM

Roy Kelley

Gaithersburg, MD

Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

Grandparents should seek the advice of a financial expert. The tax implications are great.

May 30, 2018 07:56 PM

Roy Kelley

Gaithersburg, MD

Roy Kelley

Realty Group Referrals - Gaithersburg, MD

The advice that Dorie received is correct. It better for the parents set up the account and the grandparents can contribute to it.

Jun 01, 2018 06:53 AM

Roy Kelley

Realty Group Referrals - Gaithersburg, MD

Thank you very much for your comments. It is always good to hear from you.

Jun 04, 2018 05:05 AM

Roy Kelley

Realty Group Referrals - Gaithersburg, MD

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Aug 28, 2018 01:09 PM

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