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Reply to "question about 529 plans - in two different states - and lifetime limits"
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[quote=Anonymous]We have a 529 account set up for our DD in Washington DC. Grandpa has a 529 account set up for the same DD in Nebraska. I understand that there are lifetime limits for 529 accounts. The lifetime limit in DC is $260,000. In Nebraska it is $360,000. Do we combine the values of both accounts to determine whether we've met the lifetime limit for DC? Or can we theoretically save up to $260,000 in the DC account and Grandpa can save another $360,000 in the Nebraska account, and our kid can use all that money to fund college and graduate school? And what happens if we manage to save $200,000 in the DC account but then its earnings bring it over the $260,000 limit? This is all wishful thinking but I'd like to understand how the lifetime limits work, and whether we have to take both accounts into consideration when determining if we are close to the lifetime limit. [/quote]
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