Ugift is an easy, free-to-use service that lets account owners suggest that family and friends celebrate children’s milestones with the gift of college savings in lieu of traditional gifts. All gift contributions sent in to Ugift are invested into the beneficiary’s 529 plan account and are intended to be used only for qualified college and college-related expenses (as per laws that govern use of 529 plan assets).
529 plan account owners can easily use Ugift by getting a Ugift code that can be entered by family and friends to contribute at any time on Ugift529.com.
Ugift is only available to account owners invested in a 529 college savings plan administered by Ascensus College Savings.
Once you decide to participate in Ugift, it’s easy. Just log into your 529 plan account and click on Ugift. There you can get a Ugift code for friends and family to use at any time over the life of your account. Some 529 plans also allow you to set up an event to invite friends and family to give gifts for a specific celebration. If applicable, information about how to set up an event is available on the 529 plan web site.
Source: This material was prepared by Ascensus College Savings.
Ugift FAQs/Ugift 529 https://www.ugift529.com/content/home.html (2016)
Your contribution will be deposited into a noninterest-bearing gift account after receipt by the 529 Plan in good order and then transferred directly into the beneficiary’s 529 plan account approximately five business days later. Accounts are controlled by the account owner. Your gift contribution may have gift tax consequences or other tax implications. Please consult your tax advisor.