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<blockquote data-quote="keista" data-source="post: 515338" data-attributes="member: 11965"><p>529 is different than prepaid. Even though a 529 is set up in a child's name, if the child never goes to college (or has qualifying educational expenses), then the parents can withdraw the money. There are tax ramifications, but not really a big deal. Now, setting it up for an adult form an estate would be a different situation. I would think that that adult, as owner of the 529 would be allowed to cash it out.</p><p></p><p>I had known someone who had a sizable inheritance sitting around and it was driving him nuts because it was set up for education or medical expenses ONLY. This guy was forever trying to convince the executor (I think it was a bank) that he was taking classes from this person or that person. hehehehe Executor always insisted on proof of "enrollment" at a legitimate institution. And seriously, if it were even like pottery classes at the local craft shop, I think the executor would have approved it, but this guy just really wanted to "play" A true difficult child.</p></blockquote><p></p>
[QUOTE="keista, post: 515338, member: 11965"] 529 is different than prepaid. Even though a 529 is set up in a child's name, if the child never goes to college (or has qualifying educational expenses), then the parents can withdraw the money. There are tax ramifications, but not really a big deal. Now, setting it up for an adult form an estate would be a different situation. I would think that that adult, as owner of the 529 would be allowed to cash it out. I had known someone who had a sizable inheritance sitting around and it was driving him nuts because it was set up for education or medical expenses ONLY. This guy was forever trying to convince the executor (I think it was a bank) that he was taking classes from this person or that person. hehehehe Executor always insisted on proof of "enrollment" at a legitimate institution. And seriously, if it were even like pottery classes at the local craft shop, I think the executor would have approved it, but this guy just really wanted to "play" A true difficult child. [/QUOTE]
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