Do you have a loved one you want to help with their future? Below are some tips on how to help:

• Contributions to an Alaska 529 are removed from your taxable estate and considered a
  gift to the beneficiary. However, you remain in control of the assets.
• You can select investment options best suited for helping your loved one achieve their
  education goals.
• You can adjust your contributions as needed.
• You control when distributions are taken.
• You determine if and when the beneficiary is ready to manage his or her account.
• For 2023, the maximum annual gift amount is $17,000 per individual per year without
  paying gift taxes. With a 529, you can contribute up to $85,000 (or $170,000 for a
  married couple) to a beneficiary in one year and average the gift over five years without
  paying gift taxes, as long as no other gifts are made to the beneficiary during the five-
  year period. Consult a tax professional for details, as gift and estate taxes can be complex.

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