Wall Street Journal, Not Just Kid Stuff: Why Mom Might Want a 529 Plan, Too:

Funding a child's higher education isn't the only thing parents can do with a 529 college-savings plan: They also can use it to pay for their own schooling.

While parents and grandparents typically set up these tax-advantaged investment vehicles for the benefit of college-bound kids, 529 plans can be set up in an adult's name, too. If a parent or other adult is considering a career change, or just wants to take some continuing-education courses at a local college, it may make sense to set aside money that could grow tax-free and perhaps provide a state income-tax deduction. …

To be sure, 529s intended for later-in-life education aren't that common, says John Heywood, a principal in the retail investor group at Vanguard Group. More common, he says, are young adults who start 529s for themselves because they plan to go to graduate school in a few years. …

Funds that go unused in a 529 plan set up for a child can be redirected for use by a parent, says Joseph Hurley, founder of savingforcollege.com. The reverse also is true: A fund set up for an adult can be redirected to another family member. Mr. Hurley says he opened a 529 for himself with a specific goal in mind: Having started a maple-syrup and honey farm in New York state, he intends to take horticulture courses at Finger Lakes Community College in the near future. But even if Mr. Hurley doesn't take enough classes to use up his 529 funds, stashing the money won't be in vain: "If I don't use it for myself," he says, "at some point I'll have grandkids, and I'll redirect it for their use."