Can someone talk me through opening a 529 account?

I want to start saving for DD's/DS's college expenses. I thought opening a 529 was like opening a savings account, but now I'm finding out there's a lot more to it.

To those of you that opened them--did you go to an adviser? If so, where did you go? I thought Bank of America did them, but they said they don't.

I am so lost!!!

Re: Can someone talk me through opening a 529 account?

My Employer offers it, but here are some detials:

The 529 plan works much like a 401(k) or IRA by investing your contributions in
mutual funds or similar investments.

There is a lifetime contribution limit—My Company is currently $300,000 per beneficiary. The maximum annual contribution is $13,000 per person or $26,000 for married couples. The minimum monthly contribution for the 529 plan is $100 or $50 on a biweekly
basis (Again this is what my Company does)

Hope this helps.

Re: Can someone talk me through opening a 529 account?

I think we use Virgina college savings plan, i don't know how DH found it. But when we met with the accountant this year he suggested not using a 529 account because if they happen to get a scholarship you get penalized for taking the money out , if its not for college. I think he suggested going with a Roth IRA???. I have to double check with DH though, we haven't switched over yet.

Re: Can someone talk me through opening a 529 account?

You're in NC?

NC 529 Plan info

Just make sure you are the owners, not the children. Just make the children beneficiaries. Having them own the $$$ would hinder financial aid and if you own the $$$, only a percentage is counted when figuring out your family contribution.