Question: Can I open a 529 account for a non-relative?

Answer :

Yes. There is no legal requirement that the designated beneficiary of a 529 account (college savings plan or prepaid tuition plan) be related to you. So, for example, you can open an account for a friend, neighbor, or coworker. Also, there is no federal requirement that the designated beneficiary be a certain age. States may have their own requirements, however, so check the details of any plan you're considering. Note: Investors should consider the investment objectives, risks, charges, and expenses associated with 529 plans before investing. More information about 529 plans is available in each issuer's official statement, which should be read carefully before investing. Also, before investing, consider whether your state offers a 529 plan that provides residents with favorable state tax benefits.