Reply to Inheritance and College Financial Aid

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[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. ..[/quote]

Later you posted the 500k is not in a retirement account.  One senior in HS apparently and you can  open a 529.  Each state has different aggregate amounts and provisions for reducing your state income taxes.  VA 4k MD 5k.  That doen't mean you can only contribute 4k. 2024 is almost over so maybe gift the max for MFJ 36k.   One kid?  Check into superfunding the 529 - seems designed for the purpose of inheritance or a GP big cash and get it over woth.  https://www.savingforcollege.com/article/10-rules-for-superfunding-a-529-plan

Financial aid is not in your future considering your assets and income.   [/quote]

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