529 Plans offer other benefits that help parents plan for their child’s educational cost. The child does not have any control over the monies in the 529 Plan. The parents are the only people who have access to this money, so you can direct the money as you see fit. Also, you can contribute to 529 Plans regardless of your income. Some investment vehicles that enjoy special tax considerations have rules that make some people ineligible to contribute based on their income. 529 tax plans have no such income limitations.