Savings plan donation as gift?

dunlapbriggs · June 2013

I have an education savings plan for my LO and they offer an "e gift" option for others to put money into his college fund, complete with a letter/insert with a thank you and instructions.

My question is this: is there a good way, or is it "no way!" To notify family pre specifically grandparents and maybe aunts that this is a great gift option since my LO has more toys and clothes than he needs.

angielayne926 · June 2013

I think this is something you wait for others to ask about what LO wants or needs, or specifically asks about giving money to a savings account.

Edit....stupid mobile posted before I was ready.

Run20K · June 2013

I'd only notify them if they inquire about gift preferences

jennygirlmt · June 2013

I'm trying to think about how it went in our family. Our parents all give money for the 529 as gifts. I have to transfer into the account though, it's not something they can add to on their own. Honestly, I have no issues telling our parents what we need. I know I've said "we have so many toys, college savings is always appreciated." I even tell them what toys and clothes we could use and they pick from there. But only with our parents and siblings. I'd never give this to extended family or friends. I think there is absolutely a way to throw out a "hey there, this is set up if you are ever interested or don't know what to get LO."

minni_ash · June 2013

jennygirlmt:
I'm trying to think about how it went in our family. Our parents all give money for the 529 as gifts. I have to transfer into the account though, it's not something they can add to on their own. Honestly, I have no issues telling our parents what we need. I know I've said "we have so many toys, college savings is always appreciated." I even tell them what toys and clothes we could use and they pick from there. But only with our parents and siblings. I'd never give this to extended family or friends. I think there is absolutely a way to throw out a "hey there, this is set up if you are ever interested or don't know what to get LO."

Exactly this... I am close with my family and inlaws.... this is what we are going to do for our daughter... especially since her birthday is right around Christmas.

ForeverEverAfter · June 2013

Our parents actually brought it up by asking if we had a school fund started, then as a birth gift they gave us cheques in LOs name to deposit into it. I'm most comfortable with my Dad, so I told him Id prefer contributions instead of birthday/Christmas gifts until she's older. He thinks its great, but he's a minimalist and didn't want to buy clutter anyway. I don't think I could sell our moms as easily.

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