George and Barbara are a wealthy couple in their 70s with five grandchildren. The couple wants to set aside the maximum amount possible for each grandchild's college education, while minimizing their estate tax exposure. Based on these investment objectives, which of the following recommendations is the most appropriate for them?
a) Invest in individual stocks for potential growth.
b) Use 529 college savings plans for each grandchild.
c) Purchase life insurance policies for estate planning.
d) Gift cash directly to the grandchildren.
