Anonymous wrote:Tax benefits accrue per account. So, more accounts, more tax benefit. My kids are in college and as far as I see, each account can have just the one beneficiary and set up to send $ to each kid's college at my direction. I don't see how one family account could work.

To add: DS1 won't use all his 529 money and I will change the beneficiary on his account to DS3 when needed.

Tax benefits accrue per account. So, more accounts, more tax benefit. My kids are in college and as far as I see, each account can have just the one beneficiary and set up to send $ to each kid's college at my direction. I don't see how one family account could work.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My financial advisor says you can change the beneficiary. I've moved money between accounts before with no problems.

+1. Our financial planner actually recommended that we only open one 529 plan. We have 2 kids.

What state are you in? If you're in Virginia this probably isn't good advice because you may be sacrificing tax savings.

Accidentally hit send too soon. Virginia lets you deduct up to $4,000 in contributions per account per year. Our tax advisor recommended that my husband and I each set up an account to benefit each of our two children (so four accounts total), so we can deduct up to $16,000 a year in contributions rather than just $4,000.

Anonymous wrote:

Anonymous wrote:My financial advisor says you can change the beneficiary. I've moved money between accounts before with no problems.

+1. Our financial planner actually recommended that we only open one 529 plan. We have 2 kids.

+2

You can change it. You can also change it to someone else - a niece, your spouse, whoever.

Anonymous wrote:

Anonymous wrote:My financial advisor says you can change the beneficiary. I've moved money between accounts before with no problems.

+1. Our financial planner actually recommended that we only open one 529 plan. We have 2 kids.

What state are you in? If you're in Virginia this probably isn't good advice because you may be sacrificing tax savings.

You have to change the beneficiary and move the money to the other account first before you spend it on "the other child" though.

You can change the beneficiary.

Anonymous wrote:My financial advisor says you can change the beneficiary. I've moved money between accounts before with no problems.

+1. Our financial planner actually recommended that we only open one 529 plan. We have 2 kids.

My financial advisor says you can change the beneficiary. I've moved money between accounts before with no problems.

Whom the account is set up for.

Or does the money withdrawn have to go to the same beneficiary in whom the account is set up?