Aunts and uncles: Get invested in the success of your nieces and nephews
July 26 is Aunt and Uncle Day! These loved ones play a unique role in a child’s life, offering support, guidance and love throughout their childhood and beyond.
Did you know aunts or uncles can open a my529 account in their own name, with a niece or nephew listed as the beneficiary? Contributions to the account can be made regularly, either as a one-time gift or on a recurring basis. The funds in the account can be used to pay for a wide range of the beneficiary’s qualified education expenses, including tuition, fees, books, supplies and room and board.
This gift also invites discussions with your loved ones about:
- How your education has opened doors for you and provided important skills required for your career.
- Your favorite subjects as a child and how new technology or discoveries may have changed how they’re taught today.
- Their favorite subjects and how you can team up with them to explore those areas outside of the classroom.
- Important issues that your niece or nephew may want to explore and work on as they get older.
- What dreams those young people in your life have for their future.
As we celebrate Aunt and Uncle Day this year, learn more about how a my529 plan for your nieces or nephews could be a meaningful and lasting gift. Setting aside some money now allows for potential compounding growth of your gift over time, enabling your investment to start small and work toward your giving goal over the years. Not only will it help support their education, but it will also show them how invested you are in their future success.
