How to find out info on dependent 529 plans?

[Anonymous]

My relative started 529 plans for my kids but won't tell me the amounts or the names of the accounts. They consider it part of their will and estate. They will give me the accounts after they pass away.

Is there a way for me to log in and see the amounts? I know the accounts are under my kids' SSNs. I'm asking because this has come up in my work's financial disclosure forms. I'm supposed to list and report on these even though I'm not on the account.

[Anonymous]

This is a weird quirk but AFAIK there is no way to find this out unless your relative tells you. I would just assume there is no money there and proceed accordingly.

[Anonymous]

Anonymous wrote:This is a weird quirk but AFAIK there is no way to find this out unless your relative tells you. I would just assume there is no money there and proceed accordingly.

OP here- I can't. It's showing up in my financial disclosure forms. I think my elderly relative doesn't even know the amounts either, just has an accountant do it once a year.

[Anonymous]

Anonymous wrote:My relative started 529 plans for my kids but won't tell me the amounts or the names of the accounts. They consider it part of their will and estate. They will give me the accounts after they pass away.

Is there a way for me to log in and see the amounts? I know the accounts are under my kids' SSNs. I'm asking because this has come up in my work's financial disclosure forms. I'm supposed to list and report on these even though I'm not on the account.

If you're not the owner of the 529 plan, and you clearly aren't, then your financial disclosure forms shouldn't require this information. Remember, the owners can change the designated beneficiary at any time. Neither you, nor your kids, own those assets.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My relative started 529 plans for my kids but won't tell me the amounts or the names of the accounts. They consider it part of their will and estate. They will give me the accounts after they pass away.

Is there a way for me to log in and see the amounts? I know the accounts are under my kids' SSNs. I'm asking because this has come up in my work's financial disclosure forms. I'm supposed to list and report on these even though I'm not on the account.

If you're not the owner of the 529 plan, and you clearly aren't, then your financial disclosure forms shouldn't require this information. Remember, the owners can change the designated beneficiary at any time. Neither you, nor your kids, own those assets.

OP here. I have to report these for my dependents too, not just my assets. I questioned this as well.

Can the beneficiary be changed at any time if they were opened for my children? I have my own 529 plans as well for my kids but I don't know the answer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is a weird quirk but AFAIK there is no way to find this out unless your relative tells you. I would just assume there is no money there and proceed accordingly.

OP here- I can't. It's showing up in my financial disclosure forms. I think my elderly relative doesn't even know the amounts either, just has an accountant do it once a year.

What do you mean it is "showing up in my financial disclosure forms?" Is it pre-populated or something?

[Anonymous]

The person who opened the account owns the money. It doesn’t belong to your kid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My relative started 529 plans for my kids but won't tell me the amounts or the names of the accounts. They consider it part of their will and estate. They will give me the accounts after they pass away.

Is there a way for me to log in and see the amounts? I know the accounts are under my kids' SSNs. I'm asking because this has come up in my work's financial disclosure forms. I'm supposed to list and report on these even though I'm not on the account.

If you're not the owner of the 529 plan, and you clearly aren't, then your financial disclosure forms shouldn't require this information. Remember, the owners can change the designated beneficiary at any time. Neither you, nor your kids, own those assets.

OP here. I have to report these for my dependents too, not just my assets. I questioned this as well.

Can the beneficiary be changed at any time if they were opened for my children? I have my own 529 plans as well for my kids but I don't know the answer.

Yes, the owner of the 529 account can change the beneficiary at any time. The new beneficiary should be a family member of the account owner in order to avoid taxes and penalties on the change. There may also be some administrative limitations on the number of beneficiary changes you can make. But legally, you do not own those funds and neither do your children. Only your "relative" owns those assets.

[Anonymous]

The other PPs are correct - these plans don't belong to you or your children, and they aren't under the control of you or your children. There should be no reason to report them to your work. I am also required to report certain types of accounts at work, but I don't include 529s that my parents put in place for my kids because I have no control over them. Depending on financial reporting you are required to provide, it is possible you don't even need to include the 529 plans you own. My 529 plans don't allow me to trade individual stocks, and that is what my work cares about monitoring, so they told me I don't have to include them.

[Anonymous]

Anonymous wrote:The other PPs are correct - these plans don't belong to you or your children, and they aren't under the control of you or your children. There should be no reason to report them to your work. I am also required to report certain types of accounts at work, but I don't include 529s that my parents put in place for my kids because I have no control over them. Depending on financial reporting you are required to provide, it is possible you don't even need to include the 529 plans you own. My 529 plans don't allow me to trade individual stocks, and that is what my work cares about monitoring, so they told me I don't have to include them.

+1

I work in finance, and have to have report all my information as well, and 529s are an exception (unless I am the owner, which you are not OP.)