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The Woodward Financial Advisors Blog

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529 College Savings Plans: Not Just For the Living!

That’s because the owner of the 529 Plan (technically called the Participant) can change the beneficiary whenever he/she wants. And as long as the new beneficiary is a family member of the old beneficiary, there are no income tax consequences. So, the expectant father could have opened a 529 Plan account and named himself or his wife as the beneficiary, and then changed the beneficiary once they’d obtained a Social Security number for their child.

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