How to Stay in Control of Your Money
Description: One of the perks of 529 plan from any state is that you retain control of the money as opposed to other options that require you to give up the money permanently to the person you designate.
One of the perks of a 529 plan is that you keep control of the account because it’s in your name. That means that at any time, you can determine who gets the money (as long as it’s a blood relative) and is used for college.
The Coverdell plan (another type of college savings plan) means you are giving the money to someone specifically and they can decide how to use the money and they get it all when they turn 30.
For many, retaining control means not entitling your child so that they continue to work hard to earn a college education. Also, if you ever came into an emergency and needed the money, you have control and can pull it out.
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