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Reply to "Grandparents want to give $$$ to grandaughter. Does it need to go into trust?"
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[quote=Anonymous]A trust is not legally required or anything - and would be silly here given the relatively low amount of money. I would just ask them if they are OK with the money going into a 529 college fund, and if so would they like to start their own account; or alternatively they can give you the $ and you put it into 529. You could also consider here whether you/ they live in a state that allows tax deductions on 529. If they don't and you do, then you having the account may make more sense. If 529 is already fully funded I'd just do a bank account. Then when she gets her first job she can transfer some of the saved $ to a Roth IRA and will have a head start on retirement![/quote]
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