Reply to Can you have an "unknown" 529?

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[quote=Anonymous]A friend of mine asked me and I didn't know. Her situation is that her MIL is very wealthy, but also has significant mental health issues. Visits with the grandkids have to be closely supervised, and the adult children spend a lot of time managing her health affairs.

The MIl has, at various points over the years, talked about both 529s and trusts that were set up for the grandkids when they were born. My friend has no idea how real these are. The MIL is prone to wild exaggeration at various points in her mental health cycle and it is entirely possible its all nonexistent. Friend and her DH do not want to ask directly because MIL is also deeply paranoid and they are afraid asking the question will set off a paranoia cycle. Her mental health is fragile and they can't risk setting off a bad cycle.

My friend and her DH don't make a lot of money, and if there is truly money set aside for educational expenses, it would be a huge relief. But they really have no way of asking MIL.

Trusts are probably impossible to detect or rely on, but what about 529s? Is there a way to find out if there is a 529 in the names of the kids? If money was put in a 529 by MIL when the kids were born (and she was more mentally stable) does it just stay there? I assume MIL could withdraw with penalties if she controls the account, right? If somebody sets up a 529, do the beneficiaries get notice at some point?[/quote]

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