Beneficiaries
Contributors designate the initial beneficiary. The beneficiary may be anyone who plans to attend an eligible post-secondary educational institution. Eligible educational institutions include any college, university, technical or vocational school, or any other educational institution that is able to participate in a student aid program administered by the U.S. Department of Education. There is no age limit on the beneficiary, and the contributor does not have to be related to the beneficiary. Contributors can even set up a 529 plan for themselves.
Contributors can name subsequent beneficiaries if the original beneficiary does not need the money or is taken off the plan. In this case, the contributions will be rolled over to the subsequent beneficiary with no tax consequences, as long as the subsequent beneficiary is a qualified member of the beneficiary’s family. Qualified family members include siblings, parents, in-laws, children, aunts and uncles, nieces and nephews, first cousi