Re: Grandkid's college tuition

Posted by ErnieDD on January 17, 2007 at 14:57:19 from (66.67.3.42):

In Reply to: Grandkid's college tuition posted by gold-leaf-deere on January 16, 2007 at 18:49:26:

You want the money in your name, with the grandson as beneficiary, in 529 account. The money will appreciate tax free and not have to be declared on the FAFSA form. If you "give" the money to his parents or to him, the assets will count against money that he might otherwise qualify for.

The advice to see how he does at school and finance through loans is pretty good too. You can always reimburse on graduation day. It also depends on your time horizon, is graduation 20 years away and your health poor?

The idea to keep the asset and sell just before graduation has merit if the asset keeps appreciating. One has to judge how the John Deere market will hold up. Brass model T were the rage 25 years ago, now you don't hear of them, it is now 60's muscle cars. We may be seeing old tractor's peaking.

May be I should be acquiring 286 and 386 for speculation 30 years from now....

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