529 Plan and College Savings

Archive for the ‘529 Facts’ Category

Question: Can I move money from an UGMA/UTMA account to a 529 Plan?

Answer: Interesting question: It appears you can transfer the funds from a UGTM to a 529, but the custodial rules of the UGMA would still apply. That is, the 529 would be owned by the student and custodianship will transfer when the student turns 18 years. But, for some strange reason, the assets would not be counted against the student when it comes to filling out FAFSA, which is a good thing.