Does a 529 account work as a shower gift?

[Anonymous]

Yes, I do have control issues when it comes to my child. I will be in the know about what is going on and I am not giving out SSN's just because you ask for it. People are so "protect your SSN, protect your SSN" but at the same time everyone in the world wants access to it.

On the contrary, if you have a problem contributing to an established account, you are the one with control issues. If you feel the need to "manage" an account for a child that is not yours- YOU are the one with control issues.

Furthermore, what happened to all this DCUM pride? I remember people got in such a tissy at the thought of accepting money from parents when you are an adult. You'd rather starve than accept help when you are an adult right? I don't need the charity. It would be nice to not have to think about a college fund, I admit that, but I can take care of my own child. Isn't that what you all flap about all the time- be self sufficient and don't have kids you can't support.

Pick a side okay.

[Anonymous]

How about a savings bond instead? Similar idea but a bit simpler to execute?

[Anonymous]

depending where you live and who you are going to run the plan through just CALL THEM and tell them exactly what you want to. They will work it out for you.

[Anonymous]

Anonymous wrote:My father wanted to set one up for my child and I said no. He wanted to put a large amount of money in each year and I still said no. I thought the idea was nice but I found it to be pushy and invasive. Don't trust me with a check- then keep your "charity" money.

I don't care if it would have completely paid for college. I am not giving anyone my childs SSN number and I don't like the idea of someone else controlling an acct related to my child. Now if he said he wanted to contribute to a fund that I already established- then okay. If he could do it with the SSN then fine. But that wasn't the deal so I said no and that is final.

Wow, want to switch Dads? Mine never would have been generous enough to make this offer.

[Anonymous]

My cousin gives our son $50/month in treasury bonds. I don't exactly think they get a great return, but she said someone had done that for her and that's what she wanted to do for him. It took awhile for us to get the whole thing setup online but now it's done and I match the $50 as well in that account, on top of the 529 we have setup.

[Anonymous]

a 529 plan has a beneficiary, and a custodian. Once established, the custodian can change beneficiaries of the plan. However, the new beneficiary has to have a relationship to the previous beneficiary, sibling, parent, first cousin, some other relatives are on the list.

so, the PP who said that her relative could always change the beneficiary is correct. One could set up an account for a nephew, have your own child, and change the beneficiary to your child.

It is most fully a gift to your sister if you make her the custodian

[Anonymous]

I can't believe how ungrateful people are! What a beautiful gift, OP. Maybe try a savings bond. That's what my grandma did for me.

[Anonymous]

You do NOT need to wait until the baby is born to start one. You can start one in your name or your sister's and roll it over to the baby when he/she is born.

I think it is fantastic gift.

[Anonymous]

I think it's a beautiful gift. However, at a shower which is all about publicly opening gifts, it might be a little awkward. I would probably buy a cute onesie or something, and then put a note in the card saying that you'll be doing this. That way it's a little more private.

[Anonymous]

OP here. Thanks for the feedback. I'm thinking maybe I could find a onesie from sister's alma mater "Future Class of ___" or whatever, and then in the card mention the 529 -- let my sister work with me to set it up. I do like the idea of getting it done before the baby's born, so she won't have to think about it when she's a stressed-out new mom. So part of my gift can be helping her scope out the details and all the plan options. Sounds like I can set it up in her name, and then roll it over when the baby is born.