Tax Expert Noel Spencer: Coverdell Education Savings Account Beneficiary Change


Make text smaller Make text larger



Photos



  • Noel Spencer



Rather than rolling over money from one Coverdell Education Savings Account to another, may the designated beneficiary of the account be changed from one child to another without triggering a tax?


Yes, provided:

1. The terms of the particular trust or custodial account permit a change in designated beneficiaries (each trustee or custodian will control whether options like this one are available in the accounts they offer), and

2. The new designated beneficiary is a member of the previous designated beneficiary's family.

Noel Spencer
735 Broadway, Newburgh, NY 12550
845-220-2080
Ask Noel Spencer a Question
www.spencersfinancial.com




Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

Orange County preparing for early voting
BY ERIKA NORTON
With early voting set to begin in New York State this November, Orange County is preparing to switch to...

Read more »
Image

Cleaning and alterations
"Mill" belongs on the sign for Mill Pond Cleaners, located on Mill Pond Parkway in Monroe.

Those in the know this week included:
• Jennifer Angel of...

Read more »
Image

M-W graduate Rebecca Vitelli named teacher of the year in Delaware
NEW CASTLE, Delaware — Rebecca Vitelli, a 2011 graduate of Monroe-Woodbury High School, has been named Teacher of the Year at Colwyck...
Read more »
Image

St. Patrick’s 4th Grade Boys Basketball Team are the 2019 CYO Orange County Champions
— The St. Patrick’s 4th Grade boys basketball team from Highland Mills won the Orange County CYO Championship on March 3 at...
Read more »
Image

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers



MOST COMMENTED



Weather in Monroe, NY