Legal Question in Investment Law in New York

I live in New York, but I have 5 grandchildren in Maryland and 2 in Texas. I want to open accounts for them. Other than a 529, what type of account could I open for them that would have the most growth? They are all minors.


Asked on 7/20/17, 7:17 am

1 Answer from Attorneys
Richard Bryan Richard Bryan Attorney PC

That's not really a legal question. Go see a financial planner. Have you considered creating trusts for your grandchildren which would be funded at your death (if you have any money left by then)? Most of my clients would go that route.

Also, if you're going to give money to your children by way of some type of investment account, it's probably a good idea to use a trust for this purpose. This way you get to have some control over how the money is used, and not misused.

Good luck.

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Answered on 7/20/17, 8:05 am


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