3 savings accounts for DC, why would GP want to open another one?
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Anonymous
| We have 4 savings account for our DC, including a long term savings account, a checking account, and a 529 for college savings. My parents are insisting that they open up a separate college account via a bank (not a 529) for DC. Is there a financial incentive to them doing this? I would prefer to keep all the savings in something that DH and I can track. It's very kind of them to want to contribute, but why can't they just contribute into one of these? |
Anonymous
| Because they want to show DC at a certain age "look this is what GPs are contributing for you". They don't want their acct to be tainted with your monies. |
Anonymous
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In whose name would the money be? My parents and I have different accounts for my child - mine isn't a 529 - and in the event that my son doesn't go to college/gets a scholarship, etc, I want my money to remain mine. I'm not sure whose SSN is on my parents 529, but I'm pretty sure it isn't mine.
Even though they want your child to have an easier time going through schools doesn't mean you should control any of their money. |
Anonymous
| so they just want to be able to sort of hang that over DC's head? Or our head? Frustrating. |
Anonymous
| I see, so just in case DC doesn't go, they want their money back? |
Anonymous
| If they opened a 529, they get a tax break |
Anonymous
do they not get one if they just contribute to one? and they're wanting to open a savings account, rather than a 529. |
Anonymous
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maybe they want to be able to track how much they are contributing. If you have other kids they want contributions to be equal.
Why do they say they want their own account? |
Anonymous
they're not telling me why. she's the only GC. I'm frustrated b/c it is making me feel as if they don't trust me. I've never squandered money and have much more money saved than anyone should at my stage. I haven't asked for money from them in over 11 years (when I was in college). I've put everything I can into our savings and DC's savings. |
Anonymous
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it's their money-- you shouldn't count on it or worry about it. Just treat it as a nice bonus/gift.
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Anonymous
| I think it is perfectly fine for GPs to open a separate account, but if it bothers you so much decline their offer. |
Anonymous
It is there money and they can do what they want with it. If you don't like their terms then don't accept the gift for your child. |
Anonymous
Get over yourself. It is not about you. It is about your child. This is the way they want to provide a gift to your child-I am sure your child will get the money when THEY fell the time is right. |
Anonymous
It's not a referendum on your financial prowess. They just want their own account. Roll with it. |
Anonymous
Yup. |