529 College Savings Plan

[kamehameha]

Has anybody here ever tried setting up a 529 college savings plan for a child who is a Philippine resident? Could you please share your experience with us? Thanks.

[pale_pilsen]

right now, i think there are 40 states with 529 plans, and some plans are open to non-residents (out-of-state - for added tax breaks perhaps? im not sure). but even if you're paying taxes in the state you currently reside in, i dont think a foreigner (child) can be covered by a 529.

[KuyaDanny]

I have a potentially stupid question. 529s do not apply to me anyway. ;)

Could you set up a 529 for a child who doesn't exist yet?

[kamehameha]

Originally posted by KuyaDanny
I have a potentially stupid question. 529s do not apply to me anyway. ;)

Could you set up a 529 for a child who doesn't exist yet?

Kuya Danny,

I don't think you can. But you can change the beneficiary anytime. For example, I don't have a child yet but I can name one of my nieces/nephews/(even friends) (age 18 below) as the beneficiary now and just change it later.

You may visit www.collegesavingsiowa.com for more info.