TMCnet News
529 Account Owners Receive More Than $1 Billion in Gifting Contributions via Ascensus' Ugift®
DRESHER, Pa., Jan. 2, 2020 /PRNewswire/ -- Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—is pleased to announce that more than $1 billion has been gifted to 529 education savings accounts through Ascensus' Ugift®. Since reaching $500 million in December of 2017, 529 gifting contributions have increased significantly with nearly $270 million gifted in 2019 alone.
Launched in 2007, Ugift is an easy, free-to-use service that lets 529 account owners encourage family and friends to give the gift of education savings in lieu of traditional gifts. Contributions can be made directly and securely at any time, and gift givers can make a one-time gift or even schedule recurring gifts for multiple beneficiaries. Ascensus also offers the Ugift program to individuals living with disabilities as a benefit of their ABLE savings accounts. "Ugift was designed to help savers crowdsource their education savings goals through a single, secure platform. As the program continued to grow, we decided to offer an enhanced experience, making it even easier for loved ones to track and schedule regular gifts," states Kevin Cox, head of Ascensus' Government Savings division. "These new features were immediately embraced by both account owners and family and friends looking to give the gift of savings, contributing to this exciting milestone of more than $1 billion gifted." scensus' data also suggests that Ugift experiences a major spike in utilization over the holiday season. In fact, 26% of all dollars gifted in 2019 were contributed in the months of November and December. "As the year came to a close, we were excited to see holiday gifting contributions reach record highs as more people recognized the importance of giving the gift of education savings," concludes Cox. Ascensus continues to invest in Ugift, and is currently piloting additional crowd funding capabilities for this savings aid. For more information on Ugift, visit Ugift529.com or UgiftABLE.com. About Ascensus Before investing in any 529 plan, please consider whether your or the beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state's 529 plan. When you invest in a 529 plan, you are purchasing municipal securities whose value may vary based on market conditions. Investment returns are not guaranteed, and you could lose money by investing in a 529 plan. Account owners assume all investment risks as well as responsibility for any federal and state tax consequences. The availability of tax advantages or other benefits may be contingent on meeting other requirements. Please consult your financial, tax, or other advisors to learn more about how state-based benefits and limitations would apply to your specific circumstance. You may also contact your home state's 529 plan(s), or any other 529 plan, to learn more about those plans' features, benefits and limitations. Ugift® is a registered service mark of Ascensus Broker Dealer Services, LLC.
SOURCE Ascensus 
|
View original content to download multimedia: