I was looking into starting a new saving plan for my daughter, but I was wondering what plan I should do. She already has the 529, but I am just concerned what if she wants to go to school abroad? Any suggestions?
I don't know how to help you, but I do know that NOTHING should be in your daughter's name. My parents had a lot of money in my name when I went off to college, and it hurt me BIG TIME with financial aid. Had they kept the money in their own accounts, but left me "poor", I would have ended up with more from the government. Hope this helps a little.
I disagree with MH that you should try to get the gov't to give you financial aid. People have to stop thinking the gov't "takes care" of us. People need to be responsible for themselves. Work hard and save. PLenty of TV shows, library books, and seminars to educate people on this topic. Best of Luck.
We opened accounts for both of our boys through Scottrade, Coverdell IRAs.
Meaghan has a first hand point, of what does happen. I was warned of that too.
Ultimately, go to a Financial Advisor... (not a sales/commission type), that will go over all the different ways to save $$$ for your daughter.
Also, some banks, have free services, & financial advisors on staff, that will steer you in the right direction.
there are many ways, to save for your child... but it is very detailed and ultimately, you will need to read through the many plans...
Here is a link with a brief rundown of some:
http://www.finaid.org/savings/ugma.phtml
Good luck,
Susan
We set up accounts for our 15 yr old beginning before she was born. I think it is SO important to get a child through college and out of the nest debt free.
My hubby is a numbers man as well as well thought out planner. We had everything set up before we went with our planner. Our financial planner is someone who can guide our daughter in the event we are dead and gone OR if she thinks she is much smarter than us (most kids do around this age.....parents are clueless).
We do have a fully funded 529 in her name. We also have a large coin collection, collection of savings bonds and other savings accounts for her.
Our daughter does want to study abroad and we are planning for that as well.
Kudos to you for planning ahead. Whatever monies our daughter does not use can be used for her children/grandchildren's education.
Good luck.
Hi Mom-
I was a financial advisor for 5 years. You do want to go see a financial advisor. It is better to go to someone that you trust and can build a relationship with than to worry about how they will be compensated. If you are not into doing the research yourself, then you will have to compensate someone to do it for you. An advisor will give you the downlow on your best options. I did want to say that putting the assets in someone other than parents or child's (eg Grandma, Auntie, Uncle) name would be best from a financial aid standpoint. They usually don't even look at those assets. If you have more questions I can answer them in a message. I am no longer a financial advisor, but can give you some advice for finding an advisor.
S.
