Whose name should a 529 be in?

[trip42]

We very recently became parents for the first time and are so ecstatic
about our new little bundle of joy. But of course the one question
that we keep asking is how much is college going to cost for this
little one. Obviously, we all know that the 529 plan is the best
route to save for college. But what I don't know is whose name the
plan should be in. The child's name? The parent's name? The
grandparent's name? Someone else entirely? I've read mixed
information about each of these scenarios and would love to know the
pros and cons of each.

Thank you very much.

[poundwise]

The account will be in the name of whoever establishes the account with the child designated as the beneficiary for future distributions.

In a situation such as you describe, I would suggest establishing the account in your name with your child (obviously) as the beneficiary. Grandparents, etc. can still contribute to the account but the ownership/control will be in your hands.

For further reading, check out Clark Howard's 529 Guide. Also see Savingforcollege.com.

[texastek76]

I have three kids and we started our 529 after the first in her name. We never started new 529's for the other two kids since the funds can be used for any of the children regardless of who's name is actually on the account.

[kilapapipa]

Same here, 3 kids I mean. We have one 529. I recently made my self a beneficiary and drew some out to cover part of my Master's degree. I now need to change the ben. back to my oldest child.

[dardhel]

529s have become imho the best vehicle for saving for college whether its for you or your children. I set up one for my son 2 months before he was born with myself being the beneficiary and then I switched it to him as soon as I had his ssn...