Hello all,
I plan to superfund 2 529's in the near future. I am a big believer in doing the "heavy lifting" of investing early on, and with very young children at home, it would feel great to already be done saving for their college. FYI I am part of a high earning couple and this endeavor would not be in place of other retirement account savings (already maxing out).
One reason I am attracted to getting the 529's out of the way is that it seems, from what I can read, that this money is reasonably well protected as an asset. As a two physician couple, it would be comforting to know that nobody could ever get to that money, even if one of us were sued.
One question I have though, is if 529 money would be protected from a malpractice lawsuit, or is it just protected from other types of suits or bankruptcy. Furthermore, are there certain states which offer better protection (i.e. I am currently contributing to my home state for tax purposes, but would consider super funding in a separate state if the money was better protected).
Thanks for any info!
I plan to superfund 2 529's in the near future. I am a big believer in doing the "heavy lifting" of investing early on, and with very young children at home, it would feel great to already be done saving for their college. FYI I am part of a high earning couple and this endeavor would not be in place of other retirement account savings (already maxing out).
One reason I am attracted to getting the 529's out of the way is that it seems, from what I can read, that this money is reasonably well protected as an asset. As a two physician couple, it would be comforting to know that nobody could ever get to that money, even if one of us were sued.
One question I have though, is if 529 money would be protected from a malpractice lawsuit, or is it just protected from other types of suits or bankruptcy. Furthermore, are there certain states which offer better protection (i.e. I am currently contributing to my home state for tax purposes, but would consider super funding in a separate state if the money was better protected).
Thanks for any info!
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