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Question about funding 529
Posted on 2/16/24 at 3:38 pm
Posted on 2/16/24 at 3:38 pm
My parents want to fund a 529 for my kid and gave me the option to do it myself or just have their financial advisor handle it. Surely it’s easier to have someone else do it, but I’m wondering if there any advantage to it myself? If it can save a significant amount of money or be advantageous in some other way. This is in Texas. I realize this is probably a dumb question, but I‘m thankful for input.
4
Posted on 2/16/24 at 3:51 pm to Celery
I suppose you would get the tax benefits if you funded the account
Posted on 2/16/24 at 4:14 pm to Celery
Do you plan on contributing to it too?
Posted on 2/16/24 at 5:34 pm to slackster
quote:
Do you plan on contributing to it too?
I dont know for sure, but I think it would be nice to have the option to. Would I not be able to contribute if it’s handled by their guy?
Posted on 2/16/24 at 5:38 pm to Celery
quote:
I dont know for sure, but I think it would be nice to have the option to. Would I not be able to contribute if it’s handled by their guy?
Yeah you could either way, just wondering.
You should talk to them and their FA about who is going to be the account owner.
Posted on 2/16/24 at 6:02 pm to Dayman
No state tax benefit for Texas.
Posted on 2/16/24 at 8:51 pm to Celery
Shameless plug
The data's about a year old now but I hope you get some use out of it. Especially being in Texas, you have no income tax and thus no tax benefit to lose. So you can pick whichever plan tickles your fancy.
The single biggest and most obvious advantage to a direct enrollment plan vs an adviser plan is fees. Direct enrollment fees are generally substantially lower than fees on adviser plans.
The data's about a year old now but I hope you get some use out of it. Especially being in Texas, you have no income tax and thus no tax benefit to lose. So you can pick whichever plan tickles your fancy.
The single biggest and most obvious advantage to a direct enrollment plan vs an adviser plan is fees. Direct enrollment fees are generally substantially lower than fees on adviser plans.
This post was edited on 2/16/24 at 9:02 pm
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