Here's an article that looks at the other side of the coin of 529 College Savings Accounts.

While each of the points in the article has merit, I'm going to offer a practical rebuttal to each one.

1. Potential change in tax treatment: you should invest under to rules now in effect. If you made decisions based on what Congress may do at some future point in time you'd never get off the starting line. None of us have a crystal ball so don't bother worrying about this.

2. Expenses: this truly is a gray area with 529s. The problem is there can be too many hands in the cookie jar from fund companies, states and financial advisors. That said, you can find plans truly run for the benefit of the saver. Like the gentleman quoted in the article I too like the Utah plan run by Upromise in conjunction with Vanguard. Note that my state, New Jersey, does not offer any tax incentives so each state plan was on equal footing as far as evaluation.

3. Deductions: be sure to consider how your state handles 529 contributions. If tax incentives are offered it may figure into where you should invest. If you're not up to the task I agree you should consult a financial professional.

4. Vs. Coverdell ESAs: if it is saving for college the 529 is the way to go. If you do have other needs, such as schooling prior to college, you should consider the Coverdell ESA. But the vast majority of people that are planning for college will be best served by the 529 plan.

5. 529 Magic Wand: this all depends on your contribution level. If you're putting in the minimum required you shouldn't fool youself to think this money will necessarily pay for 4 years of college. A lot of things have to be factored into this equation, such as your annual funding amounts, what plan returns will be during the course of your investment, what school your child attends etc. But as a building block, getting your kids invested in a plan such as the 529 has the making of a solid foundation.