Second Home and 529 Plan......

Smolenski7
Sat, 08 Aug 2015 18:49:34 +0000

Right now I am just in the planning stages, my son and daughter are both several years away from college, however, I would like to be prepared and take any action that needs to be done sooner rather than later.

At the moment our AGI is $138K with about 40K in savings. And apparently I have $117K in real estate assets because I own 1/3 of the house where my parents live. All 529 plans together are about $108K.

I realize that neither of my kids will qualify for any aid their first 2 years of college because of the balance in the 529 plans, most likely. However, after that money is gone, will they qualify for aid after that?

What about getting rid of the real estate asset? How will that effect their ability to get aid?