529 plans?

[basil]

My husband and I don''t have kids yet, but we want one someday. I was thinking of opening a 529 college savings plan because I get a better return on my credit card rewards points to invest the money rather than getting cash or gift cards. If for whatever reason we don''t have kids or our kid doesn''t want to go to college, I figure we could transfer the money to my cousin''s kid. Since it''s only "free" money that we would contribute to this at this point anyway.

The problem is that it seems you need a name/birthdate/ss# for the supposed beneficiary, even though everything I''ve read says you can change it.

Would I get in trouble if my husband opened an account with me as the beneficiary, even though I have no real intention of going back to school, and then transferred it to my kid when he/she is born in a few years?

 

[Clairitek]

I am by no means a financial guru but I have friends who are single and in their mid-20s and have a 529. One of them might use it to go back to school to get a JD while another is just saving for future children. I get the impression that there isn''t anything wrong with you opening up a 529 for yourself.