I am considering opening a 529 plan (or two or three) for my family. I've done some investigation but would like to get some expert opinion from this board.
My situation is that my wife wants to return for her MBA and I expect my young kids to attend college (age 6 and 7). I am in a high tax bracket (33% Fed and 9% California). I have considerable investments/savings ($2+M) and don't expect my children to get any college aid.
I'm intrigued with the 529 for the following reasons:
Please let me know any advice you might have before I open the account.
Thanks in advance,
Mike
My situation is that my wife wants to return for her MBA and I expect my young kids to attend college (age 6 and 7). I am in a high tax bracket (33% Fed and 9% California). I have considerable investments/savings ($2+M) and don't expect my children to get any college aid.
I'm intrigued with the 529 for the following reasons:
- I keep control of the money -- doesn't default to my children
- The funds can be easily transferred between my wife and children
- The money can be used for my wife's education
- There is no income limit
- I can do a significant, one-time contribution
- And, of course, the tax benefits
Please let me know any advice you might have before I open the account.
Thanks in advance,
Mike