I wanted to pop in quickly to tell you that last month I took advantage of a feature of 529 accounts that I’ve been reading about for years: the ability to transfer your college savings for one child to another.
My daughter is graduating from college next month (so happy and proud of her!) and for a number of reasons, including her great job of earning scholarships (she wrote about that here) and our decision to pay for her living expenses at college this year out of our regular income instead of savings, we had money left in her 529 account.
Our college savings is with the Kansas Learning Quest 529 plan and a quick phone call was all it took. The transaction is actually a change in beneficiary, which is a term I associate with life insurance, but it applies here as well. So we transferred the excess money in the account of one beneficiary (my daughter) into the account of another beneficiary (my son). I received the paper confirmation in the mail a few days later.
I combined the two non-529 college savings accounts last November and wrote about that here. So little by little our finances are becoming simplified.