Parents often face the competing challenge of funding their children\’s college or their own retirement savings.
During divorce, these goals collide more acutely. Income is stretched and expenses increase with two households.
How do 529 plans come into play? Here is a great resource with more information:
College Savings Savvy: Under what circumstances should I advise clients to change 529 plans?
“Maybe if I can’t afford this house and I have to sell it in two years and it’s all on me, I only get the exclusion up to $250,000, whereas if we sold it as a couple, we could have had a $500,000 exclusion and saved ourselves a lot more in profit.” – Lili Vasileff in re: discussion of tax smart asset division tips for divorce.
“It’s hard to overcome a client’s enamored passion,” said Lili Vasileff, a certified financial planner in Greenwich, Conn. “Time might prove you right [that the marriage was a mistake], but by that time you’re long fired.”
