I want to open an investment account for my 7 year old grandson...but it's complicated.
Due to serious dysfunction in his immediate household, I don't want his parents to have any control over these funds. I would prefer he not get this money until he's older also. At least 28+.
I don't want to limit him to educational funds (529) in case he decides to go into trades like most of the people surrounding him daily.
If he does decide on college, I feel it would be better for him to pay for his college himself as it would mean he actually wants the education & not use the funds as a financial couch to lay on for 4 years...as he no doubt would be encouraged to do by those close to him.
I would rather he work for his education or borrow & have some years paying it back, then when he gets the money at 28 or 30 he can use the funds to pay back school loans of he chooses or for a house, etc...
Maybe I'm being too controlling but what the hell, its my money and I don't want it squandered or, god forbid, the money used to destroy himself like so many in his life already have**.**
UTMA's look interesting but I'd like to hear your opinions.