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We chose 529 plans. The plans aren't owned by the children. As long as generation skipping isn't done, the beneficiary can be changed without any penalties. If one of the two don't go to college or received significant scholarships, the plan can be switched to the other one.

My state doesn't give a tax deduction for 529 plans. We chose an out of state plan. As another poster stated, Vanguard has a good 529 plan. We have a 529 through Fidelity. It is also a good plan and easier for us to manage.
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