Can a family member or friend open a new account for a beneficiary as a gift?
Absolutely! Any family member or friend can open an Oregon College Savings Plan account for a beneficiary so long as they’re a U.S. citizen or resident and have a valid Social Security number. He or she will also need the beneficiary’s Social Security number, date of birth, basic contact information, and just $25 to open the account.
Best of all, once they create the account, as the account owner they can choose how they would like their gifted money to be invested and may also benefit from federal estate tax benefits. Talk about a win-win!