A friend would like to give us their 529, where their grandchild is the beneficiary, where under $10K is left in the account. We both live in Oregon. They were going to Change the account owner to my husband and then he would change the beneficiary to our child. However, the change beneficiary/transfer form says the new beneficiary must be a member of the family of the original beneficiary. Has anyone else dealt with this? Is there another solution?
Also, would there be tax implications for us or the gifter? Any FAFSA implications?
Oregon college savings gave me 3 different answers to this, so they clearly are not up to date on their own rules. Thanks!