Back when I was working in the financial services industry, parents and grandparents saved for children’s college costs mostly through Uniformed Gifts to Minors accounts which could be used for anything, not just college. However, the money legally belonged to the child when he or she turned 18. Then came 529 plans, which kept the contributor in charge of the funds, just in case circumstances changed, but specified that the money had to be used for college costs. But now things have changed again.
Mike Switzer interviews Bryan Ballentine, a certified financial planner in Greenville, SC. FutureScholar.
