529 Change of Ownership
Hello- Scenario. A parent is the owner of a 529 plan for their daughter, then the parent decides to change ownership and name their daughter as the owner of that 529 plan. The same daughter is now the owner and beneficiary of the 529 plan, so the question is, are there any tax dues on the change of ownership of the 529 plan if the amount within the 529 plan is less than the lifetime gift exclusion?
Permalink Submitted by Alan - IRA critic on Mon, 2025-02-10 17:16
There are no tax implications for changing the plan owner.