PS - sorry for posting over my own prior post, but your parents could open their own 529 plan account, in which they were the owners and your son was the benficiary. 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. It doesn't sound like the parents would be applying for Medicaid in the next few years. Transfer of ownership of a 529 would need to be reported for Medicaid. If the gift is significant, it is time for professional estate planning advice.
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