Ask Terry Questions setting up an investment account for a minor

setting up an investment account for a minor

By Terry Savage on May 21, 2021 | College Savings / Student Loans

what is the best way to set up an investment account for a minor ?
that would offer protection of the fund from a non supportive absent parent,
as well as keeping the fund from being considered as an asset of the custodial parent, who is still a student and its possible that it would prevent the student from being eligible for grants and or scholarships.
I have tried to call in when you have been on the air but have never been successful.
Thank you for your suggestions.

Terry Says

There is only one solution to this problem: a 529 College Savings Plan. It will keep the money growing safely and can be used for college tuition with minimal impact on financial aid.
Read my most recent column on the topic here.

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