Does my child have to go to school if I open a 529?

No, your child does not have to attend school in any specific state, regardless of where you open your 529 plan. In fact, the funds in any 529 plan can fund a college education in any state. Can you open a 529 on your own? Yes, anyone can open a 529 plan. You don’t have to be a parent or grandparent.

Who can open a 529 plan account?

Anyone who wants to save for a child's education can open a 529 plan account. There may be benefits to opening an account. The account owner keeps control of the money, can make investment decisions, and can even change the beneficiary if plans change. There may be estate tax benefits in some cases.

Can a child be a beneficiary of a 529 plan?

Then, once the baby is born and gets their own social security number, the parent can make the child the beneficiary. 529 plans allow the account owner to change the beneficiary to a family member, which in this case would be the newborn child. Essentially, it’s just shifting beneficiaries to the child without penalties.