INVESTING GUARDIAN SOCIAL SECURITY FUNDS
I AM THE GUARDIAN OF MY GRANDSONS SOCIAL SECUIRTY. HE IS 8 YEARS OLD, HIS MOTHER PASSED AWAY AND FATHER CANT SUPPORT CHILD. I KNOW I CANT TOUCH THE INITIAL PAYMENT OF OVER 5 THOUSAND DOLLARDS EXCEPT FOR EXPENSES LIKE MEDIAL OR EDUCATION. THE MONTHLY CHECKS HE GETS IS 605 DOLLARS CAN I INVEST THESE FUNDS IN 529 BRIGHTSTAR AND/OR T BILLS
THS
Terry Says
I can see no reason why you couldn’t create a 529 Account for that “extra money” to grow it for college. But it’s not “liquid” so if you needed it immediately that could cause problems.
You could aksi create an account at TreasuryDirect to invest these funds in short-term T-bills. Here’s how to do that:
How do I open an account for a minor?
A Minor account is a custodial account you may establish for a child under the age of 18 if you are a parent or person providing chief support of the child. You may purchase, redeem, receive gifts, and perform other transactions within an individual account on behalf of the minor. You can even create a customized name, such as “Ben’s College Fund”, for the account. When the minor reaches age 18 and establishes a Primary TreasuryDirect account, you may de-link the securities from the Minor account to move them to the new Primary account. Note: Minor accounts are not available in entity accounts. To open an account for a minor within an individual account:
• Log into your primary TreasuryDirect® account.
• Click the ManageDirect tab at the top of the page.
• Under the heading Manage My Linked Accounts, click “Establish a Minor Linked Account”.
• The Establish an Account for a Minor page will appear.
• Complete all of the information for the minor (the minor’s Middle Name or Initial field is optional).
• Complete the Give Your Account a Name field.
• Select Use my Primary Account Information if you want to use the account address and contact information or you may select Enter New Account Information.
• The Bank Information displays from your primary account. Instructions are provided if you choose to change the Bank Information once the minor account has been established.
• Read the statements in the Taxpayer Identification Number Certification box, check the box indicating you agree with the statements, and click “Submit”.
• On the Review page, review the Account Information.
o Click “Edit” to go back to the previous page to make corrections.
o When the Account Information is correct, read the Certification statements and click “Submit”.
• A personalized account name for the Minor account, followed by its TreasuryDirect account number, appears in the top right corner of the Account Info page. The two arrows let you know that you’re presently viewing the minor’s account. To go back to your primary account, click the link above the minor account number.