[quote=Myriad][quote=flu]529ks can pretty much be rolled over from one account to another belonging to the same owner. 529 accounts can also be rolled over between accounts for the same beneficiary. The beneficiary of a 529k account can also be changed. The gift tax exemption per person is now more than 10million making large rollovers among beneficiary moot… 4 variables to play with years before college…..[/quote]

True, but you don’t have to file the paperwork if you go over the $15/year. Not that the IRS is really checking that closely though.[/quote]

True… I was thinking of the other case. Let’s say one fvcked up and had $200k extra in Timmy’s 529k and didn’t want that towards his assets as part of financial aid consideration. Mommy Jane rolls over $200k into Timmy’s 529k owned by Uncle Bob. Uncle Bob rolls over $200k into Niece Jane account also owned by Uncle Bob. Niece Jane and Nephew Timmy not related.

Poof.. $200k gone from Jimmy’s household 2-3 years prior to financial aid consideration…. Of course bringing that money back into play the following year is a challenge. Which is a second exercise of a different kind.

But I should warn that while most public schools dont consider equity in primary home as assets, most private schools do… Forget about financial aid if you own 5-6 rental properties free and clear. Which is why for many folks, it’s not even a question.. Financial aid is clearly off the table…which is even more of a reason to get a 529k started as early as possible.

Personally, even if I could hide my assets and get need based financial aid, I wouldn’t do it. I figure there are people who actually need it. But that’s my personal decision.