Saving for your grandchildren can help to minimize the financial burdens they may encounter as they mature. This can make a significant difference in their lives.
Custodial accounts (UGMA/UTMA) are ideal ways to set aside money controlled by an older relative until the grandchild reaches adulthood, providing flexibility in withdrawals.
529 college savings plans allow tax-free growth and withdrawals for education costs, including K-12 tuition and apprenticeship programs, but penalties apply for non-educational use.
When considering where to save for grandchildren, the right account matters. Options depend on purpose, flexibility, growth potential, and the importance of future access.
Collection
[
|
...
]