You’ve worked hard to build your savings, now it’s time to start thinking about your grandchildren’s future. Starting or contributing to a Virginia529 account is one of the best ways to show your grandchild how much you care for their future and how important a college education can be. As an account owner, you remain in control of the account while contributing to their future.
Choosing a Plan
Virginia529 is here to help as you learn about college savings with 529 plans and the exclusive features and benefits available to grandparents across the United States. Our online calculators can help you estimate the cost of college in the future, how much to save and so much more.
Virginia529 Program Options
Virginia529 is one plan with four programs — Virginia529 prePAID, Virginia529 inVEST, CollegeWealth and CollegeAmerica. Each program offers its own unique approach in reaching your higher education savings goals. All four programs carry great tax–advantages in addition to other features and benefits. Additional tax incentives are offered to Virginia taxpayers 70 years of age or older, and Virginia529 accounts are a great estate planning tool.
As with any other important decision in your life, questions arise. So listed below are some of the most frequently asked questions from likeminded grandparents.
What if someone else already owns a 529 account for my grandchild?
The choice is yours. Either contribute directly to the existing account and the account owner will receive any tax advantages or start your own Virginia529 account for your grandchild if you want to receive the tax advantages.
What will happen to the account in the event of my death?
As the account owner, you remain in control for the entire duration of the account, even while the beneficiary attends college. Every Virginia529 account requires a Designated Survivor at the time the account is opened. This will be the individual that assumes responsibility and control of the account in the event of the account owner’s death.
Do I or my grandchild have to be a Virginia resident to open a Virginia529 account?
No state residency restrictions exist for the three savings programs. Only Virginia529 prePAID requires the owner or the beneficiary to be a Virginia resident at the time the account is opened.
Do I need a separate account for each grandchild?
Yes, a separate account must be opened for each individual you are saving for.
What if my grandchild doesn’t go to school?
Luckily, Virginia529 accounts are flexible. You may choose to change the beneficiary of a Virginia529 account at any time. You also have an extended amount of time to use the funds in a Virginia529 account. Regardless, as the account owner, you remain in control of the account and may choose to cancel the account and receive a refund at any point in time.