|
|
Beneficiaries.
Who can be a beneficiary?
Can I open one account for all my children?
Can an account owner change the beneficiary?
Define "family members"
Who can be a beneficiary?
You can name anyone with a social security number as a beneficiary. There
are no residency or age requirements. An account does not create Nebraska
residency status for a beneficiary.
Can I open one account for all my children?
No. Each account has only one account owner and one beneficiary, however,
you may open separate accounts for as many beneficiaries as you wish and
you may choose a different investment option for each account.
Can an account owner change the beneficiary?
Yes, if the new beneficiary is a member of the original beneficiary's
family. (See definition of "family members" below)
Define "family members"
As described in section 529 of the Internal Revenue Code, a member of the family means:
- A son or daughter, or a descendant of either;
- A stepson or stepdaughter;
- A brother, sister, stepbrother, or stepsister;
- The father or mother, or an ancestor of either;
- A stepfather or stepmother;
- A son or daughter of a brother or sister;
- A brother or sister of the father or mother;
- A son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law;
- The spouse of the designated beneficiary or the spouse of any individual described above;
- A first cousin
|
