Who can I open an account for?
While most people think about opening college savings accounts for their own children, you can open an account for anyone. We make it easy to open accounts for grandchildren, nieces and nephews, even yourself. When you open an account for someone else, there are some important things to consider:
– You will be the account owner and control the funds.
– Only funds used for the beneficiary’s educational expenses are eligible for tax advantaged withdrawals.
– To open an account, you will need personal information about the beneficiary (including their date of birth and social security number).
– To open an account for another relative (not your child, grandchild, niece or nephew) or someone unrelated to you, please contact email@example.com to let us know your relationship to the beneficiary and we can help you set up the account.
Can I open an account for each of my children?
Yes! When you first create your UNest account (as the account owner), you’ll also set up your first beneficiary account (for one of your children). After that, you can create as many additional beneficiary accounts as you want.
Can I open an account for a future child?
Yes! You can set up an account now, even if you’re just thinking about having kids. What we’ll do is create an account with you as the beneficiary. Once your child is born, you can transfer that account into their name.
One thing to note is that you can only have one account with yourself as the beneficiary, so if you’re planning to have 2 kids in the future, you can only set up one account right now with you as the current beneficiary.
Can I open accounts for my grandchildren or nieces and nephews?
Yes! You can set up an account for each child, as long as you have their date of birth and social security number.
Can I open more than 1 account per child?
While there’s no limit on the number of 529 accounts that can be opened per child, if you have more than one 529 plan for your child, the annual $15,000 limit for gift tax exclusions applies across all accounts. If you have multiple 529 accounts, you can also consolidate the accounts by doing a rollover, which is a non-taxable event.