One of the great advantages of a tax-free 529 college savings plan is that anyone can open an account - whether it’s the child’s parents, grandparents, aunt and uncles, close family friends, or even a trust. A trust is a legal relationship in which assets are held by a fiduciary for the benefit of another person, the beneficiary. When a trust opens and manages a 529 plan, it can be used for the future payments of the beneficiary’s qualified higher education expenses.
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