JustinTyme
Junior Member
What is the name of your state?-- Pennsylvania --
My son and his wife recently had a baby, this is my first grandchild. I'd like to set up a fund of some type for him, which can be used to help with future educational costs. My son and I do not get along, since his mom and I divorced eight years ago. My son wasn't aware of the circumstances of the divorce, and hasn't spoken to me in almost eight years. I don't see a reason to " punish " the child because of his father's stubborness. Friends have suggested that I purchase a CD or set up an account in MY name, which can be transfered to my grandson at some future time.
My questions are:
A ) What type of Account would be best ?
B ) At what age would it be appropriate to transfer these funds to my grandson ?
Thanks for a reply / Sorry if this is in the section.
My son and his wife recently had a baby, this is my first grandchild. I'd like to set up a fund of some type for him, which can be used to help with future educational costs. My son and I do not get along, since his mom and I divorced eight years ago. My son wasn't aware of the circumstances of the divorce, and hasn't spoken to me in almost eight years. I don't see a reason to " punish " the child because of his father's stubborness. Friends have suggested that I purchase a CD or set up an account in MY name, which can be transfered to my grandson at some future time.
My questions are:
A ) What type of Account would be best ?
B ) At what age would it be appropriate to transfer these funds to my grandson ?
Thanks for a reply / Sorry if this is in the section.