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How to Ask your Friends and Family for a 529 Gift

 

Asking for a gift contribution from others can feel awkward. It shouldn’t. Turns out, family members and close friends want to give a more meaningful gift at special occasions. In fact, Fidelity Investments found that a whooping 90% of grandparents would be open to making a 529 contribution if asked. And with the rise of crowdfunding sites like Kickstarter and GoFundMe, people are getting used to contributing to causes they care about. Still, taking that first step can be challenging.

Here are a few tips for making the conversation easier.

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Make it personal.

Start by sharing your request with close relatives and friends who you know care deeply about your family. Whether you prefer an email, a phone call or a face-to-face conversation, share why a contribution would be meaningful.

It could be that you want to instill a value for education from a young age. Maybe you want to start teaching the importance of saving towards goals early. Perhaps you think of it as a way to reduce the waste your family creates. Whatever your reasons, don’t be afraid to share them.

Put it at the top of the wish list.

Put it at the top of the wish list.

Grandparents, aunts and godparents are going to ask what your child wants for the holidays. Putting a 529 contribution to The Education Plan at the top of the list makes the conversation easy.

Let them know a small contribution can make a big difference.

Covering the cost of college in the future can feel huge compared to what someone is prepared to spend on a holiday gift. Share with them how much a small gift contribution to The Education Plan today can grow significantly over time. The minimum contribution through the UGift program is just $25.

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Have a couple of small traditional gift suggestions ready.

Avoid any disappointment and still share in the joy of a young child unwrapping a gift in-hand by getting them a small toy in addition to making a contribution into their 529 plan. Plus, there's a good chance  you'll get a state income tax break on your gift contribution to add to your holiday cheer. 

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Getting gift contributions to your account with The Education Plan is easy with Ugift.

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For more information about The Education Plan, call 1.877.337.5268 or view the Plan Description and Participation Agreement, which includes investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.

Please Note: Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. You also should consult a financial, tax, or other advisor to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact directly your home state’s 529 plan(s), or any other 529 plan, to learn more about those plan’s features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision.

The Education Plan is administered by The Education Trust Board of New Mexico. Ascensus College Savings Recordkeeping Services, LLC, the Program Manager, and its affiliates, have overall responsibility for the day-today operations, including investment advisory, recordkeeping and administrative services. The Education Plan’s portfolios invest in: (i) mutual funds; (ii) exchange traded funds; and/or (iii) a funding agreement issued by New York Life. Investments in The Education Plan are not insured by the FDIC. Units of the portfolios are municipal securities and the value of units will vary with market conditions.

Investment returns will vary depending upon the performance of the portfolios you choose. You could lose all or a portion of your money by investing in The Education Plan depending on market conditions. Account owners assume all investment risks as well as responsibility for any federal and state tax consequences.

Ugift is a registered service mark of Ascensus Broker Dealer Services, LLC.

The Education Plan® and The Education Plan® Logo are registered trademarks of The Education Trust Board of New Mexico used under license.

All other marks are the exclusive property of their respective owners.

Not FDIC-Insured. No Bank, State or Federal Guarantee. May Lose Value.