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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 4:11 pm to SlidellCajun
Do you mean START?
Posted on 3/23/24 at 4:18 pm to SlidellCajun
Why is it a pain? I’m over a decade from dealing with this, but curious.
And, can you move brokerage to another brokerage ?
And, can you move brokerage to another brokerage ?
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.
Posted on 3/23/24 at 8:57 pm to SlidellCajun
quote:
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 withdraw money every month for my son's monthly expenses. Just email scans of his Walmart receipts and utilities.
START is so hard to deal with, last month, they reimbursed the cost of a 5th of Crown with no questions asked.
Posted on 3/23/24 at 10:30 pm to SlidellCajun
No wonder you have trouble understanding bitcoin if LA START is hard for you 
Posted on 3/25/24 at 3:11 pm to landmanner
quote:
START is so hard to deal with, last month, they reimbursed the cost of a 5th of Crown with no questions asked.
Posted on 3/25/24 at 4:22 pm to TigerDeBaiter
quote:
Why is it a pain? I’m over a decade from dealing with this, but curious. And, can you move brokerage to another brokerage ?
Based on the rest of the post, including the repeated typo, I would guess that this was a sales talking point by the broker.
Posted on 3/26/24 at 7:32 am to SlidellCajun
How many fees does this broker charge? I’m guessing it isn’t zero like SMART.
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