529 Plans

In the next few days, I will be writing little blogs about various ideas to do with college savings plans. Today, I want to discuss expanding the list of potential beneficiaries. Did you know that, due to recent tax reforms, the pool from which you can choose beneficiaries now includes cousins? That means that if you are a grandparent with multiple grandchildren, you can set up a 529 plan for your first grandchild and if that grandchild chooses to delay higher education, you can transfer the plan to another grandchild.