Re: Saving money for other people
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The more I read about the 529 savings accounts, the better they sound. It's the (almost) perfect solution for this situation.
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Yep. After you answered your own question in only 13 minutes, you have done a lot of research, and answered this probably better than I could have. [img]/images/graemlins/smile.gif[/img] [I am a financial advisor.]
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Transferring ownership to a cousin may not be possible after 2010, well before we'll know if Joey is going to college (he'll be 11). So, if something happens and Joey doesn't go to college, and they haven't extended the cousin transfer allowance, we would have to remove the money at a 10% penalty in order to give it to our children.
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This is something that is likely to be renewed. This could easily be made permanent. It is a very popular tax treatment for the middle class.
-Tom
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