College 529 Plans
529 Plans are named under the section of the IRS code that creates and regulates them. These plans provide for a way for a parent or grandparent to invest and save for a child's education. Protection of these plans under Florida law depends on where the money is placed. If you invest in a 529 Plan located in Florida the fund is probably protected under Florida Statute 222.22 pertaining to prepaid college trust funds. There are no definite court decisions interpreting this exemption. However, if your 529 Plan is created under the laws of a different state, such as a plan qualifying as a Georgia 529 Plan, your plan may not protect you as a Florida resident against your creditors. Each state's 529 Plans have different rules and investment options. You may choose a plan which is better for investment purposes under the laws of a different state and by doing so forfeit asset protection of plan proceeds. Be careful to weigh investment opporunties of plans in a different state with the asset protection benefits of a 529 Plan created under Florida laws.
Hi there!
Can anyone tell which 529 plans are the best as of 2004??????
Thanks
Nitish Tewary
Hi readers: Can someone answer this for me please.
I bought a house in Coral Gables in 2006. I was smooth-talked into a "negative amortization" loan with a reasonable payment. I saw my principal skyrocketing, however, and decided to refinance in 2007. This resolved the negative amortization but suddently I was faced with a mortgage payment of $5,603. I paid for a few months, but unable to find work and not wanting to default on the payments, I decided to move out with my mother and aunt and rented out the house. However, I do consider that house my HOMESTEAD which I had to abandon because of personal circumstances. Is there any possibility that I could win this argument with the lender? Pls. advise.
Thank you,
Mirta Alvarez