|Posted:||January 19, 2017 10:43 AM|
|From:||Representative Todd Stephens|
|To:||All House members|
|Subject:||Allowing for Additional Options to Save for Higher Education|
I am re-introducing legislation (prior HB 852) to help families save for college.
This legislation will allow judges another option when it comes to preserving money awarded to a minor. Currently, a judge may order funds awarded to a minor, whether through a lawsuit, inheritance or trust, to be placed only in a savings account until the minor reaches 21 years of age.
My legislation would amend the law to allow a court to order the funds to be deposited into a “529 account”. A 529 account is an educational savings plan that helps families save for higher education expenses under the Tuition Account Program and College Saving Bond Act. Just as with a savings account, the money could not be removed before the minor reaches majority, unless ordered by a court.
Prior co-sponsors: STEPHENS, LONGIETTI, BAKER, SCHLOSSBERG, MILLARD, MASSER, CUTLER, V. BROWN, GABLER, LAWRENCE, HANNA, MURT and WATSON