MMMers...
My wife and I are interested in getting a head start on saving for our future children's college. We figure letting compound interest work for us is a no brainer, especially if the earning can grow tax free.
But, as the child (or children) are not yet conceived, I don't think an ESA is possible (but if you know of a way, please let us know).
That leaves a 529, which I believe I can open initially with me as the beneficiary, and then change it to my child once she is born. Has anyone tried this?
Also, would we be able to 'split' the 529 to two children, or is better for us to replicate the above with my wife as the initial beneficiary?
Finally, there seem to be many states to choose from, though Arizona's would seem to make sense for now for some state tax benefits. Are there certain states (or, possibly, prepaid tuition plans) you all would recommend?
Thanks, as always.