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Re: LA 529 plan for college savings
Posted on 12/3/13 at 7:25 pm
Posted on 12/3/13 at 7:25 pm
What do I need to know about this before looking into this further? Any heads up that I should keep in mind as I look into this? Wife is due in March and I want to do something to ease the strain (as much as possible) for down the road.
Posted on 12/3/13 at 7:32 pm to green buddy
IIRC, one decision is whether to put it in your name (and transfer later) or in your child's name, which has implications on child's ability to get grants/scholarships later on, among other things.
Google 529 in my name vs child's name.
ETA: I'm not having kids any time soon, and I only researched this topic briefly. But this is the main thing I remember from my 30 minutes of research.
Google 529 in my name vs child's name.
ETA: I'm not having kids any time soon, and I only researched this topic briefly. But this is the main thing I remember from my 30 minutes of research.
This post was edited on 12/3/13 at 7:34 pm
Posted on 12/3/13 at 9:44 pm to green buddy
startsaving.la.gov has some good info
Posted on 12/3/13 at 9:54 pm to green buddy
I do the MS 529 for my boy. I went with the 3% guaranteed option verses the managed account. No fees on the 3% one, and I want the lowest risk possible for this investment. Tax deductible for the 5% state income tax. I just put in a $150 a paycheck, twice a month, since he's only in first grade. It won't be all of his college expenses, but it should help when the time comes.
Posted on 12/4/13 at 6:41 am to green buddy
The first thing you will need is for the child to be born and issued a social security number. Then from there it is easy as pie, and smart too.
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