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baby bank account UPDATE SEE BOTTOM OF MY POST
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lovemy2boys
LIF Adult
Member since 10/07 3915 total posts
Name:
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Re: baby bank account
Posted by DRMom
Posted by krissy888
I just put his $ in a seperate account, not a 529 (what if he doesn't go to college) and not in his name. I want him to use the money for something good , not just waste it so that's why I won't put his name on it
everything goes into this account, even the $ I got for my shower went to him
It wouldn't be "wasted" You would have to pay tax on it if you used it for reasons other than college.
Also-you can have the 529 in someone else's name to avoid the financial aid implications...like Grandparents
I have his $ in a regular account but it doesn't have his name on it, I meant him waste it (spending it foolishly). This is why his name is not on the account.
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Posted 5/27/09 3:54 PM  |
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