tarantella64 wrote:
In the US, you have to be careful about that sort of thing because it can hurt the child when it comes to getting financial aid. You also want to make sure that your darling can't spend the whole wad on Party School on a Boat. But, basically, yeah.
I've found that out the "fun" way, yes.
Resource limits and the like.
Generally, getting financial aid, one has to prove that nobody is able to access that money.
After they reach the age at which the account becomes open to them, of course, it counts as a resource, as far as I remember, though. So...
Keep track of what accounts who has. My grandparents were trying to use a second custodial account for me as a tax dodge, and I didn't know about it until Social Security informed me that I was over the resource limit and I had to give them money back.