Gifting made easy
With a Minnesota 529 College Savings Plan account, anyone can make a gift of account contributions to your child’s college education. From grandparents and other family members to friends and neighbors, everyone can get in on helping your child reach their goals.
Contributions make the perfect gift for special occasions like birthdays or holidays.
Ugift offers a convenient way to give, receive and make special contribution requests. Log in to your account to begin.
Instead of the usual gift items, contribute to your loved one’s MNSAVES account. With the Minnesota 529 College Savings Plan (MNSAVES), giving that gift is simple and straightforward.
How to Ask for Gifts Digitally
With Ugift, you get a free, easy, secure way to ask friends and family for gift contributions.
- After you have opened and set up online access for your MNSAVES account, select the Ugift link from the "My Accounts" page.
- Once you are on the Ugift page, a unique Ugift code will be provided for each account.
- Friends and family can use your Ugift code at any time to easily make gift contributions at Ugift529.com.
- You can share your Ugift code using Ugift’s email, Facebook, Twitter or printed party invitation inclusions.
Account owners will receive confirmation of any contributions made to their account.
Legacy and estate planning
Gifting larger amounts to a MNSAVES account is a unique opportunity to support your loved one’s college education and contribute to your personal investments.
How do 529 plans work for legacy and estate planning?
For the tax year 2023:
- There’s no federal gift tax on contributions you make up to $17,000 per year if you’re a single filer, or $34,000 if you’re filing jointly.
- You can also accelerate your gifting with a lump sum gift of $85,000 for single filers or $170,000 for joint filers and pro-rate the gift over five years per the federal gift tax exclusion.
- You can gift this amount to as many individuals or beneficiaries as you like, free from income tax.
What are the federal estate and gift tax benefits?
Contributions to a MNSAVES account may help reduce the taxable value of your estate.
Are there state tax benefits for giving to a MNSAVES account?
Minnesota taxpayer gifts may be eligible for the state tax deduction.1