My partner and I are expecting our first baby, and family members have been asking about a 529 plan to contribute to. I haven’t really researched them before (we thought kids weren’t in our future due to fertility issues), and I’m finding it hard to sort through all the information with pregnancy brain. Is there a big difference between something like the Michigan Education Savings Plan and a 529 through Schwab or Fidelity? We’re planning to move out of Michigan in 5-10 years.
We use the MESP, and it’s been great so far. We also get the state tax deduction for it (not sure if you get the deduction with any 529 or just the Michigan one). But keep in mind, you’d probably only get the deduction while filing Michigan taxes.
@Flann
Thanks! It’s nice to get input from someone who’s using it. My main concern is if we’d need to transfer the money to a different account when we move. If we can keep it in the MESP after we move, I’d likely stick with it!
@Vance
I’m not 100% certain, so maybe someone else can confirm, but I believe you can use any state’s 529 plan, so you should be able to leave it in Michigan’s even after moving.
@Vance
You won’t need to change your 529 if you move. I opened an MESP while I was living in California. Since California didn’t offer any state incentives, I chose Michigan’s plan so the grandparents could get a state tax benefit.
If Michigan offers a tax benefit, it’s worth thinking about. Otherwise, Schwab or Fidelity are great, especially if you’re planning to move 
MoneyMAN said:
If Michigan offers a tax benefit, it’s worth thinking about. Otherwise, Schwab or Fidelity are great, especially if you’re planning to move
Michigan does have a tax benefit, but Schwab’s website seems to suggest I’d get that benefit with them too. The issue is, I haven’t found anything that outright confirms it.