I want to start a small college savings account for my 1.5 year old godson. I know the obvious move is a 529 plan, but I don't have his SSN, and I don't want to ask his parents for it because I don't want to tell them about the fund.
The reason I don't want to tell them is that (1) I don't know I will be able to keep up the contributions if I get married / have kids and (2) I don't want them to try to talk me out of it.
So here's the workaround I was considering: I'll just open a regular investment account, and when the time comes I can transfer those securities to him and he can pay the capital gains tax (which should be $0, since he'll be a kid still). This also has the advantage that, if I need the money for something else, I still own it and can liquidate as I like.
Does that seem workable? Are there any downsides you all can think of?
Submitted December 27, 2018 at 06:22PM by fakeemailfakereddit http://bit.ly/2AjWqtv
