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Question for the Money Doctors

Question submitted on Mar 23, 2014.


I am married and plan to have children several years from now. Can I set up a 529 account (with Vanguard; Nevada plan) today and name myself as beneficiary, only to change the beneficiary to my child once they're born. If so, what is the maximum amount I can contribute to the plan today (as a lump sum in 2014), assuming I'll be filing my 2014 taxes as married filing jointly and would like to avoid any tax burdens (gift tax, etc.)?


Yes, you can set up a 529 plan for yourself and later change the beneficiary, generally once per year, to someone else. Vanguard will walk you through the maximum contributions. There is no gift tax associated with setting up a 529 plan for yourself.

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