The short answer is no. You cannot designate multiple beneficiaries on a single 529 plan. However, there are a variety of other strategies you can use to provide 529 funds for all of your children.

Can you split a 529 between siblings?

Parents can transfer 529 plan savings from one child to another without tax consequences by doing a plan-to-plan rollover or a beneficiary change. This flexibility is ideal for growing families and those who are uncertain about the future.

Can you have 2 beneficiaries on a 529 plan?

The short answer is yes — the same child can be the beneficiary of multiple 529 plan accounts. If several people — parents and two sets of grandparents, for instance — want to help fund a child’s education, they can either contribute to a single 529 account or set up separate plan accounts.

Can I transfer part of a 529 plan to another child?

Transfer or roll over the funds 529 education savings plan accounts can be transferred from one beneficiary to another eligible member of the family or rolled over into other 529 accounts for the same beneficiary or an eligible family member.

Can a child benefit from more than one 529 plan?

Can my child benefit from more than one 529 account? The short answer is yes — the same child can be the beneficiary of multiple 529 plan accounts. If several people — parents and two sets of grandparents, for instance — want to help fund a child’s education, they can either contribute to a single 529 account or set up separate plan accounts.

Can a 529 account be split between two family members?

It’s a simple matter to change the beneficiary designation among family members at any time, transfer 529 funds between different family members’ accounts or split one 529 account into two.

Can a grandparent open a 529 plan?

Grandparents sometime use 529 plans as an estate planning strategy, since they are able to remove a large amount from their taxable estate and still retain control of the assets. A grandparent can also open a 529 plan account in their own name for each beneficiary.

Who is the beneficiary of a 529 plan?

There are two primary participants in a 529 plan: the account owner and the beneficiary. Typically, the parent is the account owner and makes contributions to the plan. The child who will eventually receive money from the plan to pay for high school or college is the beneficiary.