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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Contribution is not maxed out at $8k per year. (That would take 35 years to get to $280,000 “fully funded”). [/quote]
$8k is not the max for a married couple or for anyone else. [/quote]

This $8K is where the state tax deduction is capped (which is a minimal part of the overall benefit) - $15K per person, so $30K per couple, per kid is the gift tax cap and even then you can do more within a five year window.
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Educational funds are exempt from the gift tax. [/quote]

This is somewhat true but not in the way that you imply.  If Grandma and Grandpa, or mom or dad, cut a check directly to State U or Private HS, then yes, not gift tax.  If Grandma or mom cut a check to junior's 529, then it is subject to gift tax.
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I don't think that is quite right either.  A child, or anyone, can accept multiple gifts. For instance, my MIL and FIL each wrote checks up to the amount subject to the gift tax to my children for many years. We also put money into their 529s for a few years. The Utah 529's, that we used, accept third party contributions so you can superfund those 529's with checks written from multiple individuals. In hindsight the strategy of putting in as much money as we could when my kids were little (between 2000-2005) worked really well, because there was a lot of growth in the stock market between now and then, even with the 2009 crash. However, since we invested in Utah's 529, but lived in DC, we did not get any state tax benefits.

Fully funded college for us means $280k. The kids can do with it as they please, and keep any left over funds. [/quote]

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