Putnam CollegeAdvantage is offered by the state of Ohio and combines the tax benefits and control features of a 529 with the professional portfolio management of Putnam Investments and other leading fund families. Although anyone can invest in the plan, your state may offer a 529 plan with additional tax or other benefits.  With this plan you pay no federal income taxes while the account is invested and there are no federal income taxes on your earnings when you withdraw the money to pay for qualified higher education expenses.  Furthermore, there is a special gift-tax exclusion enabling you to make five year's worth of gifts (up to $65,000 or $130,000 for married couples) in a single year to a single beneficiary without triggering the federal gift tax.  There is no age or time limit on withdrawals from the account.