- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Starting a 529 for friend's kids?
Posted on 8/24/18 at 8:17 am
Posted on 8/24/18 at 8:17 am
So I have two close friends (mid 20s) who each have had a child in the last year. I thought it'd be nice to start a 529 for their kids and maybe contribute some amount for a while and gift it to them in a year or two for them to continue to maintain. I'm not looking to sink a ton of money into this for them but thought they'd like it at least as a start to saving for college.
Is this possible as a non-relative? Is this overstepping? Anyone else done something like this? If they already have a 529 can they rollover what I contributed into their acct? Or is this too big of a pain in the arse. TIA for any insight
Is this possible as a non-relative? Is this overstepping? Anyone else done something like this? If they already have a 529 can they rollover what I contributed into their acct? Or is this too big of a pain in the arse. TIA for any insight
4
Posted on 8/24/18 at 8:51 am to BigOrangeVols
Yes you can do it, but I think you need the kids SS #.
Posted on 8/24/18 at 8:54 am to BigOrangeVols
I have some kids if you want to start one for my kids 
The Start program in LA is a good deal for you if you live here
The Start program in LA is a good deal for you if you live here
Posted on 8/24/18 at 9:23 am to BigOrangeVols
I would recommend just getting the parent to set it up and contributing to that account. There are potential pitfalls in 529s not owned by the parent.
LINK
I don't know the transfer rules for the 529 plan you might choose, but at least be aware of potential pitfalls.
LINK
I don't know the transfer rules for the 529 plan you might choose, but at least be aware of potential pitfalls.
This post was edited on 8/24/18 at 9:26 am
Posted on 8/24/18 at 9:50 am to AnonymousTiger
Very nice gesture but I'd let them set it up. If you were God parent or relative then I'd say go for it.
If ya'll ever have a falling out or something bad happen the account ownership could get awkward.
If ya'll ever have a falling out or something bad happen the account ownership could get awkward.
This post was edited on 8/24/18 at 10:00 am
Posted on 8/24/18 at 1:33 pm to AnonymousTiger
quote:
There are potential pitfalls in 529s not owned by the parent.
currently experiencing this. Its a bit more of a pain to get $$ out of them.
I don't regret giving my nieces / nephews money. I think I just would have been better off setting up a savings account or something.
Posted on 8/24/18 at 3:25 pm to BigOrangeVols
Only parent or grandparents can get the tax credit from LA associated with a START savings account, but anyone can start one from what i believe. but as stated above. you will need the child s SSN# and birth date to set it up.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News