A 529 savings plan is, simply put, a safe way to invest money for future college expenses. 529 plans were set up as a way for parents to plan for future college expenses, but 529 plans can also be a great gift for nieces, nephews or other children in your life.Setting up a 529 planTo set up a 529 plan, first research two states ??? the state you live in and the state your intended beneficiary live