setting up accounts across country

epiphany
Wed, 29 Dec 2004 02:19:08 +0000

topcat,
I don’t know what a “529” is, but I’ll investigate. I can assure you, though, that I want the relatives as far away from the process as possible. In no way do I want it to look (inaccurately) as if my D is tied to any adult, including me, as a financial dependent. As to “tax credits” [for the relatives] I similarly want no one claiming my D as their dependent for tax purposes. This spells big trouble for continued financial aid in the 3 following years. My D is legally entitled to the UGMA on her 18th birthday, in full. (Technically, the recipient need not even use it for college, but of course, she will!)

You bring up a good point, though, about a separation between personal expenses & school expenses. I can’t even imagine how that works when one is getting mostly aid (such as when the college pays the tuition internally versus giving it first to the student, then being paid; I think the former is the way it’s handled).