Social 529 Plans – Get Help From Friends and Family

  • Finance Friday

Saving for a child’s college tuition is no easy task, even when utilizing 529 plans.

One company, however, is doing their best to make it a little easier.

Fidelity’s Gifting  Platform For 529 Plans

I recently discovered this gifting program while doing some research for a client on 529 plans and thought it was worth sharing.

While it’s not completely uncommon for extended family members to establish a 529 plan for the benefit of a child that isn’t their own (most commonly when a grandparent establishes a plan for their grandchild), it is much less common for those extended family members to make direct contributions to an already established plan that’s owned by the child’s parent.

Fidelity’s new platform, however, aims to change that with the creation of personalized gifting pages for your child:

“Your family and friends can visit this page to give to your 529 account. You can personalize it with a picture, greeting, and information you want to share about your beneficiary.”

If you believe that you have family and friends interested in supporting your child’s college journey (maybe through birthday and holiday gifts), this may be a great solution for you to consider.

More Information

Visit https://www.fidelity.com/529-plans/college-gifting for more information.  Or book a complimentary 30-minute session with one of our advisors to discuss your college savings strategy in more detail.

2018-01-04T22:53:00+00:00

About the Author:

Tim Plachta, CFP® owns and operates Reliant Wealth Management and Reliant Consulting Partners.  He works primarily with small business owners to help them increase profit, reduce their workload (so they can relax more), and invest enough of their earnings to achieve financial independence.