daveo78[at]gmail.com wrote:
- quote -


A 529 plan can only have a single beneficiary, so you'll need to open up
another 529 account for your other child, and divide your contributions
between the two of them. Down the line you have the flexibility to
transfer money from one child's account to another, but you're not
allowed use one child's account to pay the other child's education
expenses, directly.

As for other alternatives, the current version of the kiddie tax
strongly favors tax-advantaged 529 plans, unless you plan to save a
relatively small amount of money. A similar alternative to a 529, which
also has tax benefits, is a Coverdell Education Savings Account. It
works a lot like a Roth IRA (it used to be called an Education IRA). Its
main problem is an annual $2,000 limit on contributions, much lower than
the 529 contribution limits.

Savingforcollege.com has detailed information about both 529 plans and
Coverdell ESAs.

-Tad

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I have two children very close in age (about a year apart), I would
like to set up a flexible way to save for their educations. Since
they will be going to college at roughly the same time is it possible
to have a 529B account with multiple beneficiaries? If not what would
be the best investment strategy for them? I probably should say that
I already have a 529 account open for one child. I am wiling to do
just about anything that will achieve my stated goal such as stopping
all future contributions to the current plan and focusing them on
another. Thanks

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to keep the conversations on-topic for financial planning. Other posting
guidelines include a request for brevity and another for trimming posts to
which we respond. For all of the other tips and suggestions, see "FROM THE
MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the
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