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[quote=Anonymous][quote=Anonymous][quote=Anonymous]My mother passed away two years ago and left me a Designated Beneficiary Account worth about $500K. This is not a marital asset but is intended to partially fund DH’s and my retirement. Our HHI is $225K and our retirement savings are behind schedule due to graduate school loans, periods of unemployment, medical expenses, etc. We’re both 56.

We’ve saved enough in a brokerage account for an instate public college education for senior DD - $130K. I was reluctant to open a 529 years ago because we’re hoping DD will get a talent scholarship (this may happen) and she’s an only child. Of course, we’re not counting on a scholarship but wanted flexibility to use the funds for retirement or help her with a house downpayment someday if we can.

Now that we’re about to fill out financial aid forms, and considering a few OOS options, I’m wondering if we should do something smarter with this designated beneficiary account and brokerage account that will afford flexibility and minimize the negative impact this will have on college financial aid.

Should we open a 529 now? Would that make a difference in financial aid calculations? Or should we wait to find out where DD lands since we’ve waited this long to preserve flexibility?[/quote]

This is precisely why we have so much wealth disparity in this country.[b] This couples daughter I don't care how smart she is, she shouldn't get a "talent" scholarship because her parents clearly have enough saved.[/b][/quote]

So instead of saving, all parents should make sure to blow their money on fancy vacations, luxury cars, and whatever other non-necessities  they want?   [/quote]

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