What is the name of your state? Michigan
I want to contibute $12,000 to my 16 year old grandsons 529 Michigan Education Savings Program. The account is in my sons name with my grandson listed as the benificiary. I am also gifting my son $12,000. If I send the gift (contribution) directly to the savings plan for deposit in the account will it be viewed by as a tax free gift to my grandson or will it be viewed as as second $12,000 (taxable) gift to my son? I want to avoid any gift tax. Thank you.
I want to contibute $12,000 to my 16 year old grandsons 529 Michigan Education Savings Program. The account is in my sons name with my grandson listed as the benificiary. I am also gifting my son $12,000. If I send the gift (contribution) directly to the savings plan for deposit in the account will it be viewed by as a tax free gift to my grandson or will it be viewed as as second $12,000 (taxable) gift to my son? I want to avoid any gift tax. Thank you.