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Reply to "Grandparent 529 and divorce / shared cost of college"
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[quote=Anonymous][quote=Anonymous]OP here. In this situation, ex and I started 529s for our kids when we were married. They will cover probably 50 to 75% of college. Agreement states that we pay the remainder in proportion to our income, which means by share will be about 75%. My father passed away recently, and it was discovered that he had left a 529 for one of my kids. I am the successor custodian - meaning I could pay the penalty and keep the money if I wanted (not suggesting I would!). Given I’m on the hook for 75%, I think there’s a case that dad’s money should go toward my share. But I’m sure I’m not the first one to deal with this.[/quote] Tacky. You use both 529s to cover what you can and the you split it. The money is for the kids, not you. If you don’t want to contribute have them go to cheaper or state schools. Your share is very little regardless. [/quote]
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