My sister's kid got into Seattle U but can't afford it, he will need $15k/year starting next year .. I'm happy to set aside $60k now but would prefer that they, and I, can't touch it except for the $15k check each year, and if I can make it tax efficient, even better. Anything better than just collect 1.5% from ally bank?
+1 on 529 to make sure they are used for accredited education (or related and approved education expenses)
What plans do u use for 529? And fidelity?
A WA state 529 GET account must be opened 2 years before they will distribute funds :-(
Set one up with 30grand. For junior and senior year
Yeah .. that's valid. Doesn't really seem worth it so I'm just going to write a check anually.
Does a 529 work? My529.org is what I use.
Good point .. I usually think of 529 as long term savings not just a 4 year lock up but .. it might work. Thanks!
529 short term only makes a lot of sense if you are in a state that has tax breaks on contributions but the tax break on growth will help a little in the last couple of years. Only real down side is you're still limited to going very safe or risking losing principle