Florida Prepaid College Funds

Recent changes to Florida Prepaid College Plan rules may now make them harder to cancel and thus more likely to be there when a child actually needs it. Florida Bar, Family Law Section supporter, Sen. Ted Deutch, D-Boca Raton, sought the rule change after the matter was brought to his attention by one of his constituents whose ex-husband cashed out their son's plan over her protests because it was only in his name. Now, prepaid plans bought after Feb. 1 will require both the purchaser and any listed survivor to agree before a plan can be cashed out if done so before the child goes to college.For those who bought a prepaid plan before Feb. 1, a survivor can be added and request made to give that person a right of refusal for any plan cancellations or changes. But, anyone who wants sole control of the plan can still choose not to list a survivor.

For details see Fla Admin Rule for Prepaid Plans 19B-5.004.