Anyone can open a 529 account in their home state, or in any other state. Once you've established an account, you'll choose the type of investment (usually mutual funds) you want to invest in. The money contributed will grow on a tax-deferred basis until it is withdrawn. As long as the money is used for qualified education expenses, it will be tax free. Connect with an advisor to see if a 529 plan is right for your education funding goals.