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PBCHoo

Joined: 08/15/2017 Posts: 934
Likes: 935


I've known doctors that use them as asset protection tools.


One contributed $250K each to 529s set up for the doctor, his wife, and their four kids. In doing so, he effectively shielded $1.5 million from creditors. Put the rest in retirement accounts and a primary residence, and he can effectively make himself judgment proof.

(In response to this post by SouthernHoo)

Posted: 06/15/2021 at 1:48PM



+1

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Current Thread:
 
  
529 Plans and estate planning.... -- Zhoo 06/15/2021 12:23PM
  Will there even be tuition in the future? ** -- ryno hoo 06/15/2021 1:55PM
  529's can be great wealth transfer tools. -- SouthernHoo 06/15/2021 12:58PM
  I didnt know you could use your 529 for this -- Zhoo 06/15/2021 5:12PM
  Thanks for posting the link ** -- 105A 06/15/2021 3:57PM
  Not sure all states, but Va you have to use within 30 years -- Chesapeake HOO 06/15/2021 12:33PM
  Right now I have two accounts in my name -- Zhoo 06/15/2021 1:29PM
  100% yes. Can each have an account for each kid -- hoos2008 06/15/2021 3:15PM
  Tax deduction yes. But can contribute more -- hoos2008 06/15/2021 5:38PM
  Its a great way to get great gains early on -- Zhoo 06/15/2021 8:42PM
  Illinois....... -- Zhoo 06/15/2021 5:08PM

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