u/FIRE2029x

My wife and I have a 1.5 year old and one on the way. I have not yet set up a 529 for the current child but plan to do so in the next week. Once the second child is born, I will also set up a 529 account.

I have a 529 account with 75k that I am the owner and I am the beneficiary of.

My wife has a 529 account with 125k that her parents are the owner and my wife is the beneficiary.

We don't plan (as of now) of having any additional children and we would like to split all of the money between the two 529 accounts that my wife and I would be the owner of with each child being the beneficiary.

Question:

Is this as simple as it sounds?

Have her parents transfer 1/2 of the money to each of the newly setup 529 accounts and close the old account? Then I can transfer 1/2 of my account to each of the children's plans?

Thanks in advance and helping to avoid any tax issues.