Reply to Best use for 1.6 million inheritance

Forum Index » Money and Finances

Reply to "Best use for 1.6 million inheritance "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m thinking fully fund the college accounts?  DH wants to pay down the house.  
We have only 300k in the 529s and we have three kids (16,14,5)
We have about 2 mil in retirement (late 40s)
About 800k in taxable investments.  
We both work. 
We have a very expensive mortgage. 
[b]We pay for an expensive private school so we are accustomed to the tuition bills every year so DH doesn’t think we need more saved for college.[/b] [/quote]

Because of this, I wouldn't lock up too much money in 529s. You can invest the money in a brokerage account, and still use it for college if needed. But if you don't, then it's much more flexible and can be used for retirement or other goals you may have.[/quote]

Terrible advice.  They should be overfunding 529s, which can be used for the expensive private school *and* college *and* grad school.  If not "needed" because of a scholarship they can pull an equivalent amount out penalty free.  Money that goes into a brokerage is getting no tax advantages no matter what it's used for.[/quote]

Why are you so opposed to paying taxes? In order to avoid paying taxes (on money that's grown BTW), you'd be willing to put it into a 529 [b]and possibly never use it in your lifetime[/b]? That's wild to me. The likelihood of a scholarship is super low, also. [/quote]

They have three kids in "expensive private schools" that they intend to send to college. Their 529s are crazy underfunded, and apparently you don't think they can get scholarships. 
 There's no danger of them not using it in their lifetime. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics