If their parents are attempting to gift the money to remove it from their estate, it may not be a good idea for them to be the owners.If it's for reducing estate-tax purposes, I think it's a good idea for them to open their own 529 with grand-kid as beneficiary.http://www.savingforcollege.com/intro_to_529s/are-there-gift...However I don't know what the deal would be for Medicaid
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