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LA 529 Account(s)
Posted on 3/23/24 at 2:03 pm
Posted on 3/23/24 at 2:03 pm
I opened a 529 account for my son when he was born 9 years ago. I thought I had added my 5 year old as a beneficiary when she was born but I didn't. Upon research, it looks like I can't add a beneficiary but when the time comes, I will need to change the beneficiary.
My question for the money men out there....should I open a second account for my daughter?
My question for the money men out there....should I open a second account for my daughter?
2
Posted on 3/23/24 at 3:20 pm to dkreller
I would do it outside of the Louisiana SMART plan since getting money out of it is a pain.
I had some plans with a broker and it was a simple email and they sent the check.
Smart plan, you need to jump through hoops to get the money
I had some plans with a broker and it was a simple email and they sent the check.
Smart plan, you need to jump through hoops to get the money
Posted on 3/23/24 at 8:39 pm to dkreller
It’s not difficult to get to the money. Not sure I’d listen to the guy who couldn’t figure out how to get money out, doesn’t know the name of it, and didn’t get any state tax breaks yet paid a broker.
If you want to add more than you get the state tax deduction for your son (2400 single 4800 married) then you should open a second one for your daughter. Since there’s potential for overlap in them using it I could see the beneficiary change being a challenge in the future.
If you want to add more than you get the state tax deduction for your son (2400 single 4800 married) then you should open a second one for your daughter. Since there’s potential for overlap in them using it I could see the beneficiary change being a challenge in the future.
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