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Hi all,
A friend of mine told me his broker told him the following:
"Unless the Fed changes the law, I can hold on to my kids 529 college plans until they recover to what ever number I think is good. This can be years after they graduate. I hold on to the receipts I paid for college and as long as the accounts are no larger than what I paid, I can cash them out in the future, tax free."
Having no kids, I know virtually nothing about 529's, but I'm wary of the above advice. I searched the web and didn't find anything saying this was allowable. I did find info saying you can transfer the 529's into a younger child's name, etc., but I found nothing saying you can cash them out years later.
Does anyone know anything about this?
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simple girl
less stuff, more time
(41, married, DINKS. Hoping to both semiretire in 8-10 years...)
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