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Started By
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529 Plan
Posted on 3/12/18 at 9:27 pm
Posted on 3/12/18 at 9:27 pm
We have one for our 7yr old daughter. Mrs. Woodshed gave birth to our son last week. Do we need to start a second 529 for him or just lump our contributions for his education into our existing plan? TIA
2
Posted on 3/12/18 at 9:41 pm to BehindtheWoodshed
You should start him a second in his name. You can transfer any balances between them in the future if needed.
Congrats on the new fetus.
Congrats on the new fetus.
Posted on 3/13/18 at 7:52 am to LSUcam7
If you are in LA Start, just add the new born to the account. just did that for my son once we received his SS card
Posted on 3/13/18 at 1:38 pm to tigeraddict
Ok go so I've got two responses that are contradictory......can someone at least break the tie? 
Posted on 3/13/18 at 2:17 pm to BehindtheWoodshed
quote:
Ok go so I've got two responses that are contradictory......can someone at least break the tie?
Pick your favorite kid and go all in on a 529 for that one only.
Posted on 3/13/18 at 10:49 pm to BehindtheWoodshed
I'm in the same situation, almost the same ages. I opened separate accounts. One thing to look at is having separate investment strategies for the different accounts because of the age difference.
Posted on 3/14/18 at 8:12 am to AaronDeTiger
Can you open an account for your child before they are born and transfer it out to them later on once you actually have a kid?
Also, is the LA Start program allowing these accounts to be used for grades K-12 yet?
Catholic education in BR is expensive
Also, is the LA Start program allowing these accounts to be used for grades K-12 yet?
Catholic education in BR is expensive
Posted on 3/14/18 at 10:04 am to YankeeDoodle
quote:
Also, is the LA Start program allowing these accounts to be used for grades K-12 yet?
not yet. i think it's expected this legislative session. there is a note about it on the la start website.
Posted on 3/14/18 at 8:06 pm to YankeeDoodle
quote:
Can you open an account for your child before they are born
I don't think so, you have to enter their social security number.
ETA:
Looks like you can transfer funds from one account to another. So you can increase your contributions now and transfer that difference later once you open the new account.
quote:
Rollover Form
Transfer funds from one of your START accounts to another of your START accounts. The Beneficiary of the account receiving the funds must be a Member of the Family of the Beneficiary of the account from which the funds are taken.
startsaving LA
This post was edited on 3/14/18 at 8:13 pm
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