Hello Out There!
My wife and I are about to receive a substantial inheritance from her Grandparents, and we're planning to use a big chunk of it to invest for our kids college educations (we have two boys - 2 and 4). I've been tinkering with an online calculator, and it looks like if we set aside a certain lump sum, they should be covered by the time they're ready to actually attend.
I'm interested in learning what our best option(s) might be to make this investment. Specifically, what tax advantages (or penalties) we should be aware of when investing for this purpose. To give a bit more context, we have Virginia 529 Invest accounts open for both boys. Some cursory research has indicated that there may be limits on how much we can add to those accounts in a given year, but that's where it get confusing for me. A bit more context - I'm also open to other investment options, but my risk threshold for these funds is pretty low.
Anyway, I thought of the MMM community first when we started talking about this. It's been a huge help in the past.
Thanks All!
-E in DC
