I have 5 children, each with a 529 plan that I opened 15 years ago that is currently overfunded. I have no grandchildren yet and since I had children late in life I suspect that I will be dead by the time any future grandchildren are born. I want to provide money now in a tax efficient way for my future grandchildren's college costs. My plan is as follows: Contribute now up to $140,000 (using the 5 year gift tax exclusion for me and my wife) in additional funds to the 529 plan of each of my 5 children listing each child as the beneficiary and the successor to their respective account. When I die, each child will become the owner of their 529 plan account. As each child has children of their own (i.e. my grandchildren), they would then use their own 5 year gift tax exclusion election to designate each of their grandchildren as the beneficiary. Once gifted to the next generation (i.e. my grandchildren), my children could reallocate amounts between the grandchildren as needed by simply redesignating the beneficiary from one grandchild to another grandchild without additional gift tax implications. Are there flaws or problems with this plan based on the current IRS rules on 529 plans?