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529s as legacy/inheritance

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  • #31
    I voted overfunding. I was adequately funding, but stopped when relatives began unexpectedly gifting to kids. I am having those gifts go to their 529's because I retain control over the money. Hopefully there will be no bad life choices in their future and I will happily turn this over to them.

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    • #32
      If I were Queen, I would enable a law allowing those who have overfunded 529s to elect to contribute them to a lock-box scholarship fund for low-income students. And I would also allow the donors a charitable deduction on original contributions if they have not gotten state tax benefits.

      I posted this a few years ago, but I’ve decided nobody from the forum has the gravitas to pull it off.
      Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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      • #33
        If I were Queen, I would enable a law allowing those who have overfunded 529s to elect to contribute them to a lock-box scholarship fund for low-income students. And I would also allow the donors a charitable deduction on original contributions if they have not gotten state tax benefits.

        I posted this a few years ago, but I’ve decided nobody from the forum has the gravitas to pull it off.
        I like this and may potentially add some student loan repayment element for worthy candidates weighed down by that burden. I would vote for it. Unfortunately, jfoxcpacfp is not queen and there is no voting in a monarchy.

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