Can a family member or friend open a new account for a beneficiary as a gift?

Yes, any family member or friend can open an Embark account for a beneficiary as long as they’re a U.S. citizen or resident and have a valid Social Security number. They will also need the beneficiary’s Social Security number, date of birth, basic contact information, and an initial $25 contribution to open the account.

As the account owner, they can choose how they would like their gifted money to be invested and may also benefit from federal estate tax benefits. Anyone who contributes to an Embark account is also eligible for an annual state income tax credit up to $380.