Posts in Gifting
What are the tax advantages of making a gift contribution to an Oregon College Savings Plan account?

The good thing about making gift contributions to an Oregon College Savings Plan account is that they may reduce your own tax burden by helping to reduce the taxable value of your estate. Individuals making gift contributions may benefit from an annual federal gift tax exclusion of $15,000 per donor ($30,000 for married contributors), per beneficiary. And, in the event a contributor’s gifted amount to a beneficiary exceeds $15,000 in a single year, they may elect to treat up to $75,000 ($150,000 for married contributors) as having been made over a period of five years for federal gift tax exclusion. Please consult a tax advisor for more information.

GiftingRachel Diesel
What happens when someone sends a gift to my account?

When a gift contribution is finished processing, you’ll receive an email letting you know that someone has contributed to your account. You’ll also be able to see the gift contribution in your online activity feed if you sign into your account. Worth noting, any gift contributions that are made through your online Gifting Page won’t be available for withdrawal for 20 business days.

GiftingRachel Diesel
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!

GiftingRachel Diesel
How will my gift contribution be invested?

Any gift contribution to an Oregon College Savings Plan account is invested based on the preferences and choices of the account owner. The only way you can have control over how your gift contribution will be invested is if you open an account for the beneficiary yourself. Thankfully, that couldn’t be easier with the Oregon College Savings Plan. All you need is a few minutes and $25 to get started!

GiftingRachel Diesel
How do I make gift contributions?

Our new plan manager, Sumday Administration, LLC, makes it easier than ever to make gift contributions to an Oregon College Savings Plan account. You can either open an account for the beneficiary, or you can contribute to their personal Gifting Page if they already have one set up with us. Alternatively, you can make a contribution to an account offline by downloading and completing a Gift Form (PDF).

Note, gift contributions can be made online for as little as $5 or as much as $15,000 per transaction, but any amount beyond that requires filling out the Gift Form (PDF).

GiftingRachel Diesel