Who should own your kid's 529?

There is no single way to save for college which is best for everybody. The 529 plan, a recent innovation, may be one of the best, but it creates as many questions as answers. An earlier generation of savers used UTMA and UGMA accounts to save in their kids names in order to save in income taxes along the way, but UTMA and UGMA accounts lost much of their value with some recent tax updates, and they've always suffered certain defects with respect to what happens when someone else - the child in this case - actually ends up owning the assets.

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David S. Meyers, CFP 2022