Account owners can have unlimited family and friend beneficiary accounts.

A grandma decides to gift $50 per year for each child, grandchild, and great grandchild, a total of 33 accounts. In most states, Grandma collects a yearly tax deduction or credit of all $1,650.

A wealthy neighbor decides to fund her local elementary school 5th grade classes with $25 each. Note: If she wishes to be the owner and receive any tax deduction/credit benefit, she must obtain social security numbers of students to make this happen.