When families in the United States begin the process of organizing their long term financial legacy, they often find themselves navigating the intersection of education funding and comprehensive estate planning. A common question that arises during these consultations involves whether a 529 plan can be owned by a joint revocable living trust, which is a popular vehicle for avoiding probate and managing assets during incapacity. While most individuals open these college savings accounts in their own names, the desire to centralize control and ensure a seamless transition of authority leads many to consider the trust as a potential owner. The short answer to this inquiry is generally affirmative, though the implementation details vary significantly depending on the specific state plan rules and the internal language of the trust document itself. This exploration will dive deep into the legalities, advantages, and potential complications of using a joint revocable living trust as the participant of a Section 529 account.
The Fundamentals of Section 529 College Savings Accounts
A 529 plan is a tax advantaged investment vehicle designed to encourage saving for future higher education expenses for a designated beneficiary. These accounts are authorized by Section 529 of the Internal Revenue Code and are typically sponsored by states, state agencies, or educational institutions. The primary draw of these plans is the federal tax treatment of the growth within the account, as earnings are not subject to federal income tax when used for qualified higher education expenses. Families throughout the United States rely on these accounts to combat the rising costs of tuition, books, fees, and room and board at eligible post secondary institutions. Have you considered how the structure of your savings account might affect your long term ability to control those assets while also providing for your children or grandchildren?
The Legal Framework of 529 Plans and Owner Rights
The legal structure of a 529 plan is unique because it allows the account owner to maintain total control over the assets even though the contributions are considered completed gifts for federal gift tax purposes. This means that the owner can decide when to make distributions, change the beneficiary to another family member, or even take the money back for themselves, although the latter would trigger taxes and penalties on the earnings. This level of flexibility is rarely found in other types of custodial accounts or trusts where the gift is typically irrevocable and the beneficiary gains control at the age of majority. The account owner, technically known as the participant, holds the keys to the account, making the question of who or what can be the owner a vital part of the planning process. Because the participant has the power to direct investments and distributions, the choice between an individual and a trust as the owner carries significant legal weight.
Primary Benefits of Investing in a 529 Plan for Education
Beyond the federal tax deferral on earnings, many states offer additional incentives such as state income tax deductions or credits for contributions made to their specific plans. The funds in a 529 account can be used at a wide range of institutions including traditional four year colleges, community colleges, vocational schools, and even some international universities. Recent legislative changes have also expanded the utility of these plans, allowing for tax free withdrawals for K through 12 tuition up to a certain limit and even the repayment of student loans. Furthermore, the ability to rollover unused funds into a Roth IRA for the beneficiary, subject to certain conditions and limits, has added a layer of versatility that addresses the fear of overfunding an account. These features make the 529 plan a cornerstone of educational planning for families seeking to build a meaningful legacy without sacrificing tax efficiency.
Mechanics of Joint Revocable Living Trusts in Estate Planning
A joint revocable living trust is a legal arrangement created by two individuals, usually a married couple, to hold and manage their collective assets during their lifetimes. The trust is revocable, meaning the grantors can alter or terminate the agreement at any time as long as they are mentally competent. This document serves as a roadmap for the distribution of assets upon the death of one or both spouses, effectively bypassing the often lengthy and expensive probate process. By transferring ownership of various accounts and properties into the name of the trust, the couple ensures that their chosen trustees can step in and manage affairs without needing court intervention. Would it not be simpler to have all your major assets, including college savings, managed under a single cohesive set of instructions?
Defining the Purpose of a Revocable Living Trust
The core purpose of a revocable living trust is to provide for the orderly management of assets and to protect the privacy of the family after a death occurs. Unlike a will, which becomes a public record once it enters probate, a trust remains a private document that dictates how wealth is handled behind closed doors. It also provides a vital safety net in the event of incapacity, as a successor trustee can manage the trust assets for the benefit of the grantors if they become unable to do so themselves. For many Americans, the trust is the central hub of their financial life, holding everything from the family home to brokerage accounts and business interests. Integrating a 529 plan into this hub can streamline the administration of the estate and ensure that educational goals are honored even if the original account owners are no longer present.
How Joint Trusts Differ from Individual Trust Structures
A joint trust is specifically designed for couples who view their assets as shared and wish to simplify the management of their combined estate. In an individual trust, only one person is the grantor, and the assets are typically limited to what that specific individual owns or has inherited. In a joint trust, both spouses contribute assets, and both usually serve as initial co trustees, which allows for a seamless transition of control to the surviving spouse. This structure is particularly common in community property states, but it is also widely used in common law states for its simplicity and the avoidance of duplicate paperwork. When a 529 plan is owned by a joint trust, it reflects the shared commitment of both partners to the education of their heirs, rather than being tied to the mortality or decision making of just one person.
Standard Ownership Models for College Savings Accounts
The vast majority of 529 plans are opened under individual ownership, where one person acts as the account owner and another person, typically a child or grandchild, is named as the beneficiary. This model is straightforward and easy to set up through online portals or with the help of a financial advisor. The individual owner has the sole authority to request distributions, change beneficiaries, or name a successor owner who will take over if the original owner passes away. While this simplicity is attractive, it can lead to complications if the successor owner is not properly designated or if the successor is unable or unwilling to serve when the time comes. Many families find that individual ownership creates a fragmented approach to wealth management, especially when multiple 529 accounts are spread out across different owners for the same beneficiary.
Exploring Entity and Trust Ownership of 529 Plans
Beyond individual ownership, some 529 plans allow for entity ownership, which can include corporations, partnerships, or trusts. Trust ownership is becoming more prevalent as estate planning attorneys recognize the benefits of aligning college savings with the rest of a client's estate. When a trust owns a 529 plan, the trustee acts on behalf of the trust to manage the account, following the instructions laid out in the trust agreement. This move away from individual ownership helps to prevent the account from falling into the wrong hands or being subject to the whims of a successor owner who may not share the original grantor's educational priorities. However, not all 529 plans are created equal, and some state programs have historically been more restrictive about allowing non individuals to serve as account participants.
Direct Ownership of a 529 Plan by a Joint Revocable Trust
The possibility of a joint revocable living trust owning a 529 plan is real, but it requires a careful check of the specific college savings plan's program description. Each state has its own set of rules regarding who can be an account owner, and while many have updated their policies to accommodate trusts, a few still limit ownership to natural persons. If your chosen plan allows for trust ownership, the trust itself is listed as the owner, and the Social Security Number or Taxpayer Identification Number of the trust is used for the account. In the case of a revocable trust, this is usually the Social Security Number of one of the grantors, making the tax reporting relatively simple while the grantors are alive. This arrangement allows the trustees to manage the education funds as part of the broader trust portfolio, ensuring consistency in investment philosophy and distribution timing.
Technical Possibility and Variations in State Plan Policies
Because 529 plans are state run, there is no single federal rule that mandates all plans must allow trust ownership. Some plans might require the trust to be a specific type, such as a revocable trust, while others might allow even irrevocable trusts to hold accounts. When you are looking at a plan like the ones offered by Utah, Virginia, or New York, you must dig into the fine print of the participation agreement to see if the definition of an account owner includes a trust. Some plans may require the trust to provide a certificate of trust or a full copy of the trust document before the account can be opened or transferred. This technical hurdle is usually easy to overcome with the help of an attorney, but it is a necessary step that cannot be overlooked if you want to ensure the account is legally held by the trust entity.
| Ownership Type | Control | Probate Status | Ease of Setup |
|---|---|---|---|
| Individual Owner | Single Person | Subject to Probate (without successor) | High |
| Joint Revocable Trust | Co-Trustees | Avoids Probate | Medium |
| Irrevocable Trust | Independent Trustee | Avoids Probate | Low (Complex) |
Documentation Required for Establishing Trust Ownership
To establish a trust as the owner of a 529 plan, you will generally need to provide the 529 plan administrator with specific legal documentation. This usually starts with an account application that lists the trust as the participant, followed by a Certificate of Trust that summarizes the key terms of the trust without revealing all the private distribution details. The Certificate of Trust identifies the current trustees, their powers, and the fact that the trust is currently in effect and has not been revoked. In some instances, the plan may also ask for the specific page of the trust agreement that grants the trustee the power to invest in 529 plans or similar college savings vehicles. Providing this information ensures that the plan administrator recognizes the trustee's authority to act on behalf of the trust for all future transactions involving the account.
Strategic Benefits of Trust Ownership for College Savings
One of the most compelling reasons to house a 529 plan within a joint revocable living trust is the continuity of management it provides for the family. In a typical individual ownership scenario, if the owner dies and has not named a successor, the account may become part of the owner's probate estate, leading to delays and potential court costs. By naming the trust as the owner, the account remains under the control of the trustees, and if the original grantors pass away, the successor trustees designated in the trust document step in immediately. This transition happens without the need for a court order or a new account application, which can be a huge relief for a grieving family trying to manage ongoing tuition payments. Is it not worth a bit of extra paperwork now to save your loved ones from a bureaucratic headache later on?
Seamless Successor Management and Avoiding Probate Court
Probate is the legal process through which a deceased person's assets are distributed, and it is notoriously slow and public in many parts of the United States. While 529 plans allow for the naming of a successor owner to avoid probate, this is still a person to person transfer that can be forgotten or improperly executed. A trust provides a more robust framework because the trust itself owns the account, and the trust document specifies exactly who the next decision maker will be. This is particularly useful for joint trusts where the death of one spouse leaves the other spouse in full control as the surviving co trustee. The seamless transition ensures that the educational mission of the family stays on track, even through life's most difficult transitions.
Centralizing Family Assets for Multi-Generational Planning
For families with significant wealth, the 529 plan is often just one piece of a much larger puzzle that includes real estate, life insurance, and diversified investment portfolios. Centralizing these assets under the umbrella of a joint revocable trust allows for a more holistic approach to financial planning. The trustees can look at the total liquidity of the family and make informed decisions about whether to use 529 funds or other trust assets for a particular educational expense. This centralization also makes it easier to keep track of the total amount saved for each child or grandchild, preventing the common problem of having scattered accounts that are difficult to monitor. A trust can also contain specific instructions on how 529 funds should be used, providing a level of detail that the standard 529 plan application simply cannot match.
Potential Drawbacks and Complexities to Carefully Consider
While trust ownership offers many benefits, it is not without its potential pitfalls and complexities that must be carefully weighed by any family. One primary concern is that some 529 plans may not recognize the trust as an owner for certain state tax benefits, potentially disqualifying the grantors from receiving a deduction or credit on their state income tax returns. It is also possible that the trust document itself is not worded broadly enough to allow for the opening of 529 accounts, which could lead to legal challenges or the need for a trust amendment. Furthermore, the administrative burden of managing a trust, including the potential for separate tax filings if the trust becomes irrevocable, can add a layer of cost and effort that individual ownership does not require. Have you considered whether your specific trust language is compatible with the requirements of your state's 529 program?
Impact on Federal Financial Aid and FAFSA Eligibility Rules
The impact of 529 plan ownership on financial aid is a critical factor for many middle income families in the United States. Under current FAFSA rules, a 529 plan owned by a parent is considered a parental asset, which has a relatively low impact on the Student Aid Index compared to assets owned by the student. When a 529 plan is owned by a trust, the treatment can be more complex, as the Department of Education may view the trust assets differently depending on the terms of the trust and who the grantors are. Historically, accounts owned by non parents, such as grandparents or trusts, were not reported on the FAFSA, but distributions from those accounts were treated as untaxed income to the student, which could significantly reduce aid eligibility. Recent changes have simplified some of these rules, but it is essential to stay informed about how trust ownership might influence your student's chance of receiving need based grants or loans.
Tax Reporting Requirements and Potential Compliance Pitfalls
While a revocable living trust is usually a pass through entity for federal tax purposes, meaning all income is reported on the grantors' personal tax returns, the ownership of a 529 plan adds a specific layer of reporting. Contributions to a 529 plan are considered completed gifts to the beneficiary, even if the trust is the owner, and these must be reported if they exceed the annual gift tax exclusion. If a joint trust makes a large contribution, it is often treated as if each spouse made half of the gift, which can be an advantage for gift tax planning. However, if the trust becomes irrevocable upon the death of one or both grantors, it may need to obtain its own Taxpayer Identification Number and file separate tax returns, which could complicate the reporting of 529 plan activity. Keeping clear records and working with a CPA who understands both trust law and 529 regulations is vital to avoiding unwanted scrutiny from the IRS.
Transferring an Existing 529 Plan into a Joint Trust
If you already have a 529 plan in your individual name and wish to transfer it to your joint revocable living trust, the process is generally straightforward but requires specific steps. You must first contact your plan administrator to obtain the necessary change of ownership forms, which are often available for download from the plan's website. These forms will ask for the name of the current owner, the name of the new owner, which in this case is the trust, and the signature of the current owner. You will also need to provide the trust's tax identification number and likely a Certificate of Trust as previously discussed. It is important to note that a change of ownership is not the same as a change of beneficiary, so the funds remain designated for the same student unless you decide to change that as well.
Step by Step Process to Change the Account Owner
The first step in changing ownership is to verify that your specific 529 plan permits trust ownership, as moving assets to a plan that does not allow this could result in the account being frozen or forced into a liquidation. Once confirmed, you should complete the ownership change form with precision, ensuring that the name of the trust matches the legal name found on your trust document exactly. After submitting the form along with the Certificate of Trust, the plan administrator will process the request and update their records to reflect the trust as the participant. You should then receive a confirmation statement showing the new ownership status, which you should keep with your other important estate planning documents. This process typically takes a few weeks to complete, so it is best to handle it during a time when you do not anticipate needing to make immediate distributions for tuition.
Potential Gift Tax Implications of Ownership Changes
Changing the owner of a 529 plan from an individual to a revocable trust where that individual is a grantor generally does not trigger a new gift for tax purposes. Since the contribution to the 529 plan was already a completed gift to the beneficiary when it was first made, merely changing the person or entity that controls the account is a non taxable event. However, you should always be cautious if the trust has different beneficiaries or if the transfer could be viewed as a change in the beneficial interest of the funds. For most families moving their own 529 plans into their own revocable trusts, the IRS views this as a change in the form of ownership rather than a new taxable transfer. Nonetheless, documenting the transfer and consulting with a tax professional can provide peace of mind and ensure that you remain in compliance with federal gift tax reporting requirements.
Practical Decision Scenarios for American Families
To better understand how these rules play out in the real world, let us look at a few scenarios that many American families face when planning for college and their estates. These examples highlight the trade offs and strategic decisions that go into choosing trust ownership versus individual ownership. Every family has a unique financial profile, and what works for a high net worth couple might not be the best approach for a middle income family focused on maximizing financial aid eligibility. By examining these cases, you can see how the interplay of tax law, financial aid rules, and personal goals shapes the ultimate decision. Do any of these situations resonate with your own family's financial journey?
Scenario One: The Middle Income Family Trade Off Analysis
The Miller family has a combined income of one hundred and fifty thousand dollars and a modest estate that they have organized into a joint revocable living trust. They have two children approaching college age and have saved eighty thousand dollars in 529 plans owned by the parents. They are considering transferring these accounts to their trust to ensure that if something happens to both parents, the children's aunt, who is the successor trustee, can manage the funds. However, they are concerned about the impact on FAFSA, as they hope to qualify for some need based aid. After consulting with a specialist, they realize that while trust ownership provides better estate protection, it might make the accounts look like trust assets rather than parental assets on some aid forms. They must decide if the benefit of seamless successor management outweighs the potential risk of a slight decrease in their financial aid package.
Scenario Two: Grandparents and the Superfunding Strategy
The Harrisons are wealthy grandparents who want to contribute a significant amount to their grandchildren's education while also reducing the size of their taxable estate. They decide to use the 529 plan superfunding rule, which allows them to contribute up to five years' worth of annual gift tax exclusions in a single year. For a couple in 2026, this could be as much as one hundred and eighty thousand dollars per beneficiary. They choose to have their joint revocable living trust own the accounts because it allows them to maintain control over the funds during their lives and ensures that the accounts will continue to be managed for the grandchildren's education after they are gone. This strategy not only funds the education of the next generation but also removes a substantial amount from their estate, potentially saving on future estate taxes.
| Scenario | Primary Goal | Key Trade-Off |
|---|---|---|
| Middle Income | FAFSA Eligibility | Control vs. Aid Impact |
| High Net Worth | Estate Tax Reduction | Complexity vs. Savings |
| Grandparents | Legacy and Superfunding | Gift Tax Limits vs. Control |
Scenario Three: High Net Worth Estate Planning Objectives
For the Richardsons, whose estate exceeds the federal exemption limits, every dollar moved out of their individual names is a victory for tax efficiency. They utilize their joint revocable living trust to own several 529 plans for their children and nieces. By having the trust as the owner, they create a centralized education fund that is shielded from probate and clearly integrated into their broader legacy plan. They are less concerned about financial aid and more focused on the multi generational benefits of the 529 plan, including the ability to rollover unused funds into Roth IRAs or change beneficiaries among the extended family. For them, the trust ownership is a tool for long term wealth preservation and educational support that fits perfectly into their sophisticated financial structure.
Comparing 529 Plans with Other College Funding Vehicles
While 529 plans are the gold standard for education savings, it is helpful to compare them with other options to see why the 529 trust ownership model is so attractive. Other vehicles like Uniform Transfers to Minors Act accounts or Coverdell Education Savings Accounts offer different sets of rules and benefits. However, neither offers the same combination of high contribution limits, tax free growth, and owner control that the 529 plan provides. Understanding these differences is key to making an informed choice for your family's future. Why would you settle for a less flexible option when the 529 plan offers so much versatility in how it can be owned and managed?
Tax Sheltered Growth versus UTMA and UGMA Accounts
UTMA and UGMA accounts are custodial accounts where the assets legally belong to the minor from the moment the gift is made. While a parent or guardian manages the account, the child gains full control at the age of eighteen or twenty one, depending on state law. This can be problematic if the young adult decides to use the money for something other than education, such as a luxury car or a trip around the world. In contrast, a 529 plan owned by a trust allows the trustee to maintain control over the funds indefinitely, ensuring they are used for their intended purpose. Furthermore, the earnings in a custodial account are subject to the kiddie tax, whereas 529 plan earnings grow completely tax deferred and are tax free when used for school.
Legal and Regulatory Considerations for Trust Ownership
The regulatory environment surrounding 529 plans is constantly evolving, influenced by both federal tax law and state level policy changes. Staying on the right side of these regulations requires a proactive approach and a willingness to adapt your strategy as rules shift. For example, the IRS has provided guidance on how 529 plans should be treated for gift and estate tax purposes, but the specific application to trust owned accounts can sometimes fall into a gray area. Ensuring that your trust is properly drafted to include the power to invest in and manage these accounts is the first line of defense against legal complications. Are you confident that your estate plan is current with the latest IRS rulings regarding education savings?
IRS Regulations and Section 529 Federal Compliance
Section 529 of the tax code is the ultimate authority on how these plans must operate to maintain their tax advantaged status. This includes strict rules on what constitutes a qualified higher education expense and who can be considered a member of the family for beneficiary changes. When a trust is the owner, the IRS still looks through to the underlying grantors and beneficiaries for many of these determinations. It is vital to ensure that the trust does not engage in any activity that could be seen as a prohibited transaction or an improper use of the funds, which could lead to the loss of tax benefits. Professional guidance is often necessary to navigate the intersection of trust law and Section 529 compliance without making a costly mistake.
State Specific Rules and Local Plan Limitations
Because each state administers its own 529 program, the rules can vary wildly as you move from California to Texas to Maine. Some states are very trust friendly and have streamlined processes for trust ownership, while others may impose additional requirements or limit the types of trusts that can participate. It is also important to consider that some states only offer tax deductions to the person who makes the contribution, and if a trust makes the contribution, that deduction might be lost or redirected. Before committing to a specific plan, you should evaluate the state tax landscape and how trust ownership might impact your local tax liability. Researching the specific plan's disclosure statement is the best way to uncover these state level nuances.
Best Practices for Setting Up Your Funding Strategy
Developing a successful college savings strategy involves more than just picking the right investments, it requires a thoughtful look at ownership, succession, and family goals. One of the best practices is to start early and be consistent with contributions, but also to remain flexible as the needs of your beneficiaries change. Using a joint revocable living trust can be a key part of this strategy, providing a stable and secure home for your education funds. You should also make it a habit to review your accounts annually, ensuring that your beneficiary designations are still appropriate and that your successor trustees are still able to serve. How often do you sit down to review your total financial picture and adjust for the changes in your life?
Consulting with Qualified Legal and Financial Professionals
The complexities of trust law and the tax code make it nearly impossible for the average person to navigate this terrain alone. Working with an estate planning attorney who understands the nuances of 529 plans and a financial advisor who can help with investment selection is a winning combination. These professionals can ensure that your trust document is properly drafted and that your 529 plan is titled correctly to achieve your goals. They can also help you model the potential impact on financial aid and estate taxes, providing you with a clear roadmap for the future. The cost of professional advice is often a small price to pay for the long term tax savings and the security of a well executed plan.
Periodic Review of Beneficiary and Successor Designations
Life is full of changes, from births and deaths to marriages and divorces, and your 529 plan should reflect these shifts. If you have the account in a trust, you must ensure that the trust's list of beneficiaries and successor trustees is always up to date. If a child decides not to attend college, you may want to change the beneficiary to a sibling or even a cousin to avoid the taxes and penalties of a non qualified withdrawal. Similarly, if a successor trustee moves away or becomes unable to handle the responsibility, you need to update your trust to name someone else. Regular maintenance of these designations is the only way to ensure that your carefully laid plans actually work when they are needed most.
Reflecting on the Path to Educational Funding Success
As I think about the many families I have seen navigating the complexities of college savings, I am struck by how often the administrative details are what trip people up the most. It is easy to get excited about the tax benefits or the potential for investment growth, but the real magic of a 529 plan lies in its ability to provide a legacy of opportunity for the next generation. Choosing to have a joint revocable living trust own your 529 plan is a sophisticated move that shows a deep commitment to both education and family stability. It is a way to say that the future of your children and grandchildren is so important that it deserves to be protected by the strongest legal framework you have. In my experience, the peace of mind that comes from knowing these funds are safe and well managed is worth every bit of the effort it takes to set them up correctly.
I find that the most successful planners are the ones who look at their finances not as a series of disconnected buckets but as a single flowing stream directed toward a purposeful life. A 529 plan is a powerful tool on its own, but when it is integrated into a trust, it becomes part of a larger story about values, education, and the enduring nature of family bonds. Whether you are a middle income family trying to balance aid with security or a grandparent looking to make a lasting impact, the trust ownership model offers a pathway to clarity and control. My hope is that by exploring these options, you feel more empowered to make the decisions that will best serve your family for years to come. Education is a gift that no one can take away, and how you choose to fund it is one of the most important legacies you will ever leave behind.
Frequently Asked Questions about 529 Plans and Trusts
Can a 529 plan have two owners if it is not owned by a trust? Most 529 plans only allow for a single individual to be the account owner, which is why a joint revocable living trust is such a useful alternative for couples who want to share control. By using a trust, both spouses can act as co trustees, effectively giving them joint management of the account that would not be possible under standard individual ownership rules.
Does owning a 529 plan in a trust change the tax benefits? For federal income tax purposes, the tax deferred growth and tax free withdrawals for qualified expenses remain exactly the same whether the account is owned by an individual or a revocable trust. The primary differences lie in estate planning, probate avoidance, and potential state level tax deductions which can vary by jurisdiction.
Is it more expensive to have a 529 plan owned by a trust? There is typically no extra fee from the 529 plan itself for trust ownership, but you may incur legal fees to have an attorney review your trust and prepare the necessary Certificate of Trust. For many, this one time cost is overshadowed by the long term savings of avoiding probate and ensuring a smooth transition of the assets.
Can a 529 plan owned by a trust be rolled over into a Roth IRA? Under the SECURE Act 2.0, unused 529 funds can be rolled over into a Roth IRA for the beneficiary, provided the account has been open for at least fifteen years. While the IRS is still providing detailed guidance on this, there is currently no indication that trust ownership would disqualify an account from this benefit, as long as all other requirements are met.
What happens if the trust is revoked after it already owns a 529 plan? If the grantors decide to revoke the trust, the 529 plan ownership would need to be transferred back to an individual or to a new trust entity. This would require the same change of ownership forms and documentation as the original transfer to ensure the plan records are accurate and the funds remain accessible.
Can a grandparent's trust own a 529 plan for a grandchild? Yes, this is a very common and effective strategy for grandparents who want to contribute to their grandchildren's education while maintaining control over the timing and use of the funds. It allows the grandparents to see the benefit of their gift during their lifetime while ensuring the funds are used properly after they pass away.
Legal Disclaimer: The information provided in this article is for educational and informational purposes only and should not be construed as legal, tax, or financial advice. 529 plans involve investment risk, including the potential loss of principal, and their tax treatment may vary based on individual circumstances and state law. Laws and regulations regarding Section 529 and trusts are subject to change, and you should consult with a qualified attorney or financial professional before making any significant changes to your estate plan or college savings strategy. The author is not a licensed financial advisor or attorney, and this content does not create a professional client relationship.