To add to rsinj's comment, one thing to note is that you need to live until January 1 of the fifth calendar year to "earn" the full five-year annual exclusion. So if you were to pass during Year 4 - and let's hope this is NOT the case - 20% of the election amount (representing the Year 5 portion) must be included in your gross estate. However, Superfunding is still a good strategy. Any earnings in the 529 account remain outside of the estate. So Superfunding can still save taxes even if you do not expect to live until the fifth year, though hopefully it doesn't come to that!
VP, Research & Development
This information does not constitute tax advice and is provided for informational purposes only. Please consult your tax advisor, financial advisor, local taxing authority, and/or plan provider or sponsor for more information.