Maintain Control by Earmarking Funds & Gifting Later

This week on the Retirement Quick Tips Podcast, I’m talking about: Best Investment Accounts For Grandchildren.

Tomorrow, I’m going to talk about UTMA or UGMA accounts for minors. These are popular vehicles for grandparents to save for their grandchildren, but they have some real and important drawbacks, like the fact that once Junior reaches adulthood, which could be anytime between 18-25 depending on what state you live in, that money is theirs and they can blow it on anything they like.