In addition to 104 year old grandpa you can pick yourself and go back to college in retirement, pick somebody who just got a scholarship, pick a disabled relative --which can be a very broad category, or simply let the 529 continue to grow tax free until somewhere down the family line it can be used. Only if the family line comes to an end do you start to have limited options.
And you can die (or be disabled in some states) and pass ownership to a new owner, nontaxable transfer, and let him or her figure it out. (If you pick the right owner you can probably have just a 10% "penality" and little/no income tax effect) Not bad?
Hey, worst case, donate it and try for a letter rule to get credit for a full value deduction. In fact I am suprised that such an charity out clause is not already there someplace, sort of like donating an IRA.
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Drew
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