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529 can be used as a tools for estate planning, especially if you are a grandparent. Normally, giving gifts to escape taxes is limited to $12,000.00 for each person per year. The amount above will be subjected to gift taxes. But you can contribute upto five times that limit to a 529 plan without gift taxes.

I like the plan for escaping guys form the taxes alright and The property Im in is upside down 200k. Ive tried to modify my loan and was unable to. I missed 3 mos. of mortgage payments and I plan to try and modify my loan within the next few months again. I was wondering how long it will take to either foreclose the property and kick me out. If there's something I could do to lower payments or options I may have. Also the the bank said they wouldn't let me short sell it either.I need good suggestion for this..