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My wife and I are starting a 529 account for our daughter and looking to superfund it (immediately fund it with 5 years of gifts). Can my wife and I both contribute into a single 529 account (me as the owner, daughter as the beneficiary)? Or should we each open an account and fund them individually?
You dont need separate accounts. The allowance is double for a married couple. So the max annual is $28k per couple per beneficiary, or you can prefund 5 years of contributions or $140k in year one, again, per couple, per beneficiary. This could work if the goal is removing assets from your estate (i am not an expert here). But putting such heavy chunk into a fully priced market, might not be the best investment idea. DCA'g might make more sense...
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Regards,
Ted
Your 529 on Steroids: A Hitchhiker’s Guide to Superfunding:
http://www.bayalisistheanswer.com/hitchhikers-guide-529-superfunding/
Superfunding:
http://www.nbcnews.com/business/should-you-super-fund-your-529-college-savings-plan-2D11755875