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In late 2015 through our financial advisor (when we had one) I asked to stop contributing to our kids' 529 plans in anticipation of paying off our mortgage and switching over to prepaid tuition plan through our state. Right afterwards we quit using the financial advisor and managing the 529s came under my husband as he is the legal owner of the accounts.
In the years since we've not done anything with the accounts. Nothing. About every 6 months or so we've talked about what to with the 529s and how to fund our kids' college educations. Husband says he'd like to buy into the prepaid college tuition, I said "fine, but they're in your name and I can't touch them". He says okay, but then when he looks into buying into the plan he learns it's closed until late summer/early fall (2017). Fine, he'll try again later.. and then forgets about it..
Until tonight.
The conversation started with me talking about rebalancing our portfolio. We talk for a long time about that, but eventually the conversation eventually comes around to the kids college educations and again, I state my position that he's absolutely free to do something different with the 529s, but I'm already feeling a bit overwhelmed with being responsible for our retirement, and again, pragmatically speaking: those accounts are in his name. He understands and starts to immediately look into it. He sees that the state plan is open again and (finally) begins to look at moving those funds over...
But when he logs into the 529 accounts this evening he discovers that the funds in the accounts were distributed and the accounts were closed last July.
W... T... F...
He can't tell me anything beyond that. I see for myself that statements are showing a ZERO balance.
He got an angry look on his face and started mumbling about identity theft before disappearing and getting lost in a video game (typical).
Offices are closed until Monday, which seems like an awful long time from now.
Any ideas where our money could have gone that doesn't involve unlawful, criminal behavior?
Or did this identity theft crap finally happen to us?
Serious question what in the world do you hope to learn by posting on this internet board? For the love of Pete no one on here will have the remotest idea how to answer your question.
Serious question what in the world do you hope to learn by posting on this internet board? For the love of Pete no one on here will have the remotest idea how to answer your question.
Why wouldn't they? Are you saying that most people who post in these forums, especially a finance forum, don't have online accounts of any sort? That nobody here has ever experienced something unusual or incomprehensible with their online accounts?
What I do know is that you and a few others would never help me, but there are others that do.
Why wouldn't they? Are you saying that most people who post in these forums, especially a finance forum, don't have online accounts of any sort? That nobody here has ever experienced something unusual or incomprehensible with their online accounts?
What I do know is that you and a few others would never help me, but there are others that do.
We can't help you. You have to help yourself. The only person with the answer to this seemingly incomprehensible question is an account rep for the company who holds your accounts. That is it.
You can spend the next twelve hours conjuring up possibilities in your head or just wait and hear it from the horses mouth.
We can't help you. You have to help yourself. The only person with the answer to this seemingly incomprehensible question is an account rep for the company who holds your accounts. That is it.
You can spend the next twelve hours conjuring up possibilities in your head or just wait and hear it from the horses mouth.
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