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Reply to "Q re 529 plans"
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[quote=Anonymous]Her motives aside, her question has merit. The way my parents do it is they own the 529 (so tehy get the tax benefiit) and DD is the beneficiary. This requires DD's SSN. Then, we have our own 529 for DD, and we get the tax deduction for that. The nice thing about this is each person who donates can donate up to the limit, and then take the tax benefit, and DD benefits in all cases. As to PP who said you can do it without an SSN, that may be the case but I'd say most 529 plans would be careful about this. It makes it too easy to commit tax fraud if the beneficiary isn't listed (and SSN is pretty much how they do it). Indeed you may be able to talk with her plan administrator directly to create the plan, and then have MIL fund it once the plan is opened in MIL's name with DD as beneficiary.[/quote]
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