https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Tue, 12 May 2026 23:28:46 +0000 https://boards.hellobee.com/topic/college-savings-fund-question#post-2405923 Thu, 31 Dec 2015 13:18:44 +0000 JenGirl 2405923@https://boards.hellobee.com/ <p>If there aren't tax benefits, I'd put it all together for simplicity's sake. </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405488 Thu, 31 Dec 2015 09:17:57 +0000 yoursilverlining 2405488@https://boards.hellobee.com/ <p>My MIL did this (gave a very generous lump sum for LO’s college when LO was born). My MIL ended up opening her own 529 through her financial person, which is part of the trust funds that she set up for LO. We are trustees of that 529. </p> <p>We also have a second one that we opened for LO because our state gifts up to $3,000 in matching funds when parents open a state 529 account. </p> <p>So - being someone with 2 529 accounts, I would personally prefer to have all the $$ in one place so it can earn more interest on the higher total sum, but if they prefer to open their own 529 or have any preference on doing that we have not had any issues in the past 3.5 years managing 2 separate accounts. </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405487 Thu, 31 Dec 2015 09:17:42 +0000 mediagirl 2405487@https://boards.hellobee.com/ <p>@raintreebee: NC dropped the tax deductions for 529 accounts in 2014. :sad: </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405483 Thu, 31 Dec 2015 09:16:35 +0000 mediagirl 2405483@https://boards.hellobee.com/ <p>@T.H.O.U.: we have both but 99.9% of her money goes to her 529 right now. </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405471 Thu, 31 Dec 2015 09:11:42 +0000 winniebee 2405471@https://boards.hellobee.com/ <p>Current account </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405469 Thu, 31 Dec 2015 09:10:49 +0000 raintreebee 2405469@https://boards.hellobee.com/ <p>If they want a state tax deduction (not sure if that is available in their state), then they have to open their own account on behalf of each child. </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405459 Thu, 31 Dec 2015 09:04:33 +0000 mrsjyw 2405459@https://boards.hellobee.com/ <p>Current account! Each of our kids has their own 529. So we add accordingly when they're gifted $$. </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405427 Thu, 31 Dec 2015 08:44:54 +0000 T.H.O.U. 2405427@https://boards.hellobee.com/ <p>Do you have just a general savings account as your "current account" or an actual college 529 fund? </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405287 Thu, 31 Dec 2015 00:47:05 +0000 Mrs.KMM 2405287@https://boards.hellobee.com/ <p>Current account! </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405275 Thu, 31 Dec 2015 00:23:07 +0000 sunny 2405275@https://boards.hellobee.com/ <p>IIRC there can be some advantages to grandparents being the account owner vs the parents due to financial aid considerations. However, if the parents are going to be the account owner (with your child as the beneficiary) then it doesn't really matter if the money is in one account or in two. </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405257 Wed, 30 Dec 2015 23:32:45 +0000 HLK208 2405257@https://boards.hellobee.com/ <p>Current account. We have one big account for all 3 (and soon to be 4...gulp) kids. </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405176 Wed, 30 Dec 2015 22:01:18 +0000 Truth Bombs 2405176@https://boards.hellobee.com/ <p>Consolidate into one for sure. There is no reason not to since gifting limits for 529s are determined per donor not per beneficiary. </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405140 Wed, 30 Dec 2015 21:33:40 +0000 mediagirl 2405140@https://boards.hellobee.com/ <p>@JCCovi: yep, we all live in the same state.<br /> @Boogs: we have a plan in NC and have no big complaints.<br /> @pinkcupcake: my brother told them to create a separate one for his boys. They have a specific reason for it, though. We don't have the same reason to do so. </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405099 Wed, 30 Dec 2015 21:10:19 +0000 JCCovi 2405099@https://boards.hellobee.com/ <p>The only advantage to two accounts would be if your parents live in a different state from your 529 plan and there is a tax advantage in their state. </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2405069 Wed, 30 Dec 2015 20:41:55 +0000 Boogs 2405069@https://boards.hellobee.com/ <p>Current account. Curious what kind of account you have and if you like it? @mediagirl: </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2404963 Wed, 30 Dec 2015 19:38:06 +0000 Bao 2404963@https://boards.hellobee.com/ <p>I would put it in the current account...so it's all together. </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2404961 Wed, 30 Dec 2015 19:37:53 +0000 pinkcupcake 2404961@https://boards.hellobee.com/ <p>Current account - I don't know what would be the purpose of having 2 accounts?.. </p> https://boards.hellobee.com/topic/college-savings-fund-question#post-2404958 Wed, 30 Dec 2015 19:36:29 +0000 mediagirl 2404958@https://boards.hellobee.com/ <p>We have a college fund for our daughter. My parents want to give us a lump sum for her fund instead of giving us an amount every year. Would you put the lump sum in your current account or open a new one for it? I'm asking because they asked me. </p>