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grinch1225 t1_iyepkgw wrote

I’d recommend you look into UTMA and UGMA accounts. The funds can be used for anything, some of the accounts will let you hold real property, and you can set this up as a custodian and hand the account off at 18/21/25 or whatever the age of majority is in your state.

529 are great, locking funds in an education account could restrict its use in the future would be my only “you should know” type inclusion.

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nolesrule t1_iyeto0z wrote

I don't know if I'm reading this the way you intended but funds in UTMA and UGMA accounts can't be used to pay for the regular expenses of caring for a child. Rather they can be used for enriching expenses.

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grinch1225 t1_iyetsm5 wrote

I was stating that the funds could be given/used by said minor at a future date, sorry if I was unclear about that!

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