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The Short Answer

529 Gift a Great Idea, but First Do Your Homework

Consider convenience, coordination of spending, and tax breaks to make an informed decision.

Question: My niece and nephew have every toy on the planet, so this year for Christmas, I was thinking of making a gift contribution to their college-savings accounts. Would I be better off sending the money to their parents to add to their existing 529s or opening a new 529 that I control?

Answer: Your niece and nephew are fortunate to have a member of the extended family who is thinking about their future. And I'm sure their parents will appreciate the gesture at least as much, if not more.

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