Beneficiaries can be any age. However, to qualify for Utah income tax benefits, the account must be established before the beneficiary's 19th birthday. Back to top Q8. The UESP participation agreement asks participants to identify a payment amount and payment schedule to be used. Contributions can be made by check or through automatic withdrawals from checking or savings accounts.
Substitutions are free of charge.
Funds can be transferred to another qualified beneficiary's account at any time without penalty or charge. Yes, but in most cases there will be a penalty involved. If the participation agreement has been in place for less than 2 years, the penalty will equal the full investment income credited to the participant's account. All allocated income from the endowment fund will also be forfeited. No penalty is charged if the withdrawal is due to the death or disability of the beneficiary or rollover distribution to another beneficiary.