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The power of an integrated wealth plan is that it is designed based on the goals you want to achieve for yourself and your family. But life isn’t static. Things change and goals change, and when they do, it’s important to understand how your plan can adapt.

At ÃÛѨÊÓƵ, we’ve long recommended using a 529 college savings plan as a tax-efficient way to save money for your children or grandchildren’s educational expenses. But what happens, if, after years of saving, you end up with excess funds in your plan?

It’s not an uncommon occurrence. There are many different reasons why you might have unused money in a 529 plan. For example, maybe you saved more money than needed to pay for college or received an unexpected windfall like an inheritance. Or the beneficiary of the 529 may have:

• Decided not to go to college or dropped out
• Chosen to go to a low-cost college where tuition is less than anticipated
• Received a scholarship or other financial assistance
• Been accepted into a U.S. military academy, where most costs are paid by the government
• Passed away or become disabled

No matter what the circumstance is, don’t worry. You’ve got options for unused funds within 529 plan rules.

This option is as simple as it sounds. The IRS allows you to change the beneficiary of the 529 plan without tax consequences as long as they are qualifying family members of the original beneficiary. That could be a parent, sibling, first cousin, niece or nephew, among others.

Unlike an IRA or a 401k, there is no time limit for when you have to withdraw funds from a 529 plan. This allows you to leave any unused funds as a legacy gift to your grandchildren, who can use them to pay for their educational expenses. This option also provides an estate planning benefit as the value of the 529 plan is exempted from your taxable estate, even though you continue to retain control of the account.

Thanks to the SECURE Act, you can take tax-free distributions from a 529 plan to pay off both the principal and interest on a student loan. The lifetime limit for the beneficiary is $10,000, but you can also use an additional $10,000 each to pay back loans held by the beneficiaries’ siblings.

In the unfortunate case of a beneficiary dying or becoming disabled, you can take nonqualified withdrawals without having to pay a penalty. You can also do the same if they attend a U.S. military academy where the federal government pays most of the educational costs. In addition, if the beneficiary receives a scholarship for college, you can withdraw funds, up to the amount of the award, without penalty.

However, in all the above cases, you will have to pay taxes on any capital gains in the account.

Many people these days find themselves embarking on the second or even third act of their life. This could mean a career change, starting a new business or pursuing a hobby during retirement, any of which might have an educational component that can be paid for with unused 529 funds.

This is when it’s time to get creative and think out of the box.

Maybe you want to go back to school to finish your degree, or take an existing one to the next level through graduate school?

What about a study abroad program? Excess 529 funds can be used to pay for tuition, room and board, and other related expenses (though not travel).

My grandfather even took a class at a local community college on how to fix small engines, just so he could work on his lawn mower. That can be considered a qualified educational expense.