Part
Three
Fund
Education Accounts
The
new bankruptcy law
created an exemption
for funds put into
529 college saving
plans at least two
years prior to filing
for bankruptcy, just
as long as the beneficiary
is a child or grandchild.
However, it should
be remembered that,
if you're fending off
creditors in a state
court, then state laws
apply, and they may
not give as much protection.
So, when a couple contributes
to a 529, if one spouse
is less likely than
the other to be sued,
the low-risk partner
should be named the
account's "owner."
If
you would like more
information regarding
asset protection, trusts,
family limited partnerships
or the subject of this
article please call
or email our office.
|
