WCI #315: 529's, Inheritance and Roth IRAs For Kids
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 18 May 2023
⏱️ 36 minutes
🧾️ Download transcript
Summary
Today we answer your questions about 529's. We try to help clarify the changes coming with Secure Act 2.0. We talk about if it would make sense for 529s to be under a grandparents name to avoid your child not qualifying for FAFSA. We discuss if it is smart to save in a 529 if you aren't sure if your child will attend college in the US. Dr. Dahle answers questions about his families' plan for inheritance for their kids and discusses which funds to choose for your kids Roth IRAs. We even touch on the topic of how much is reasonable to spend on an engagement ring.
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Transcript
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| 0:00.0 | This is the Whitecode Investor Podcast, where we help those who wear the Whitecode get a fair shake on Wall Street. |
| 0:06.0 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
| 0:16.0 | Whitecode Investor Podcast No. 315 |
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| 0:50.0 | Alright, let's get right into your questions today. Our first one comes from Bob. |
| 0:56.0 | Hi, my name is Brian from the East Coast. |
| 0:58.0 | My question pertains to the new Secure 2.0 changes to 529 plants. |
| 1:04.0 | Specifically, I understand that now $35,000 of unused education expenses can be rolled into the benefit series, Roth IRA. |
| 1:12.0 | I also understand that the account needs to be open for 15 years. |
| 1:16.0 | And another premise here is that my state allows $10,000 per year to be deducted from state income tax. |
| 1:22.0 | So my question is, can I open 529 in my own name with myself as the beneficiary, funded up to $35,000 in a way that maximizes the tax deduction, and then 15 years later, roll that into a Roth IRA. |
| 1:37.0 | And a follow-up question would be whether there's any meaningful benefit here, whether this is worth my time at all. |
| 1:45.0 | Thank you. |
| 1:46.0 | Alright, your name might be Brian, but we're going to call you Bob today. |
| 1:49.0 | I'm not sure why that happened. Megan and I are trying to figure out how we got the wrong name assigned to that one. |
| 1:54.0 | But Brian, great question. It's a question I've been getting ever since the Secure Act 2.0 came out. |
... |
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