Best savings plan/account for grandkids?

[Darcy03231]

Until reading about it on the Dis, I never knew that this was a thing grandparents did. My grandparents didn’t and neither did my parents for my daughters. I don’t have grandchildren but it is not something I think i’d do either.

Just how much money is expected to be contributed? How much in the end will it actually be?

Our daughter and SIL opened 529 account for their kids. I buy one thing for birthdays/Christmas and then put the remainder of any budgeted money into their 529. I usually budget $150 for birthdays and Christmas. Grandson just had a birthday and we bought him a $25 gift to open and put $125 into his 529.

 

[TCRAIG]

Not if the owner is a grandparent. Funds given can count as income, however, not as assets.

Good to know - thanks