My in-laws established a 529 for their first grandchild (our daughter), who turned out to be the first of five we would eventually have. She’s a junior in college and has used very little of the 529 money, thanks to grants and scholarships (and a relatively low-cost state school).
When she started, we made it clear that the 529 plan funds would be (roughly) equally divided among the five of them. Our daughter remains the sole beneficiary, but her brother will be starting in the fall and may need to draw on some of his share.
I understand it is allowable to transfer some of the 529 plan assets to create a new 529 account with a different beneficiary, but I don’t know if there is some kind of calendar deadline to take that action prior to making a qualified distribution.
Any advice or info would be much appreciated!