I enjoy your columns in the Sunday Denver Post. This morning's (11/20), on 529 savings plans, referred to parents, grandparents, and "other family members" as potential contributors. Is the 529 plan available to others, e.g. godparents, who are not related to the 529 plan recipient?
Oh absolutely. Anyone can contribute to a child’s 529 plan. And I’m sure the parents will be very happy if you decide to make that your holiday gift. Just ask the parents’ for the name of the plan — ie The Vanguard 529 College Savings Plan — Account of John Smith custodian for Billy Smith. Acct #12345 — Make the check out that way and it will go right into the account.