Should I start new 529 plans or add to existing ones

A financial advisor discusses strategies for contributing to 529 college savings plans for grandchildren, explaining the allowable five-year gift tax election that permits up to $95,000 per child in 2026 without reducing estate exemptions. The decision to open individual accounts or contribute to existing plans is analyzed, considering control, tax implications, and state-specific benefits such as Oregon’s income tax credit. The article emphasizes that large contributions can help the funds grow tax-free for education, and highlights the importance of understanding gift tax rules and account ownership in estate planning.

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