Planning to have multiple kids (2 or 3 probably) and thinking about doing one massive 529 for all of them?
Pros/cons?
Is that a terrible idea?
How do you keep the funds fair/even between them? Just contribute the same amount for each kid each month and if one takes a gap year, they just get more money?
What if one doesn’t go to college? Or one goes to a cheap college and has leftover money? I guess they could use it for grad school since we saved it in their name?
What if they both to college but one goes private one goes public so obviously the costs are way different?
What if one goes to college/grad school and the other does something totally different after high school? (Who knows what things will be like in the next couple decades!!) - would you just transfer the money from the kid not going the college route to the one that is? That doesn’t seem fair to the “non-academic” kid but if 529 withdrawals are heavily taxed, that sucks too...? But it’s essentially that kid paying that tax since they’re the one not getting the full benefit of our savings?
Sorry for the rambling thoughts, it’s been on my mind and I know I’m thinking about this way too early since kid number two is nowhere near the picture yet lol
Submitted August 20, 2020 at 07:47PM by sillywilly007 https://ift.tt/31gRjrY
