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Originally posted by TexLex
Thank you Ty and Baltassoc. I heart you both. You are invited to our party.
Say I have a more than $2000 to invest...would you suggest doing the Coverdale account first and then put the rest in the 529? The Coverdale account seems to be the way to go if you qualify...but what if (heaven forbid) the kid for whatever reason does not go to college? Same with the 529 plans - can you switch them to different kids? What if you have no other kid to switch the money to? Is there any possible way the kid could ever get his paws on the dough without our say so?
The Texas plan has had a lot of bad press - and at least for a while it was closed because they were worried about funding it later, so I'm staying clear of that.
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529 plans are transferrable to anybody -- that's right ANYBODY (including you) -- although maybe it has to be someone in your family, I can't remember. So, if you wanted to go back to school for something, you could. If you had another child, you could transfer it to him/her.
I use the Rhode Island plan. I don't know why. It's what my financial planner suggested. I also have money in the New York plan, but it was really sucking for a while, and there were high fees to transfer the funds to another state's plan, so I just left it there, and it's doing much better now.
