Andy Wang was quoted in CNBC article by Sarah Li Cain.
Grandparents’ 529 College Distributions Can Be a Ticking Time Bomb
Are you a grandparent thinking of helping out a grandchild fund their college expenses? Be aware of 529 plan structures to ensure that your gift doesn’t turn into a bomb that destroys your grandchild’s financial aid.
According to a recent Fidelity Investments survey, 65% of parents saving for college expect grandparents to contribute. In recent years, a growing number of grandparents have set up 529 college savings plans but before writing a check, grandparents must be aware of the potential pitfalls. Grandparents shouldn’t have to worry about their 529 gift but many websites don’t explain things clearly and many people are shocked when things go seriously wrong. Don’t be left like tennis legend John McEnroe who famously stated “You can’t be serious!”