A Costly Lesson in College Savings

Save for college and reap big tax breaks under a 529 plan. What's not to like?

Ask Keith McCrae, a 47-year-old father of two who took the 529 plunge three years ago. At the time, his home state of Ohio was rolling out its version of the mutual fund-style accounts designed to help families with college-bound children. His financial adviser was only too happy to sign him up.

But he didn't read the fine print -- until after he'd handed over his money. ...