Can I set up a mutual fund account to help my grandchildren start saving for college?
If you are a grandparent who d like to help your grandkids start saving for college but don t like the idea of setting up a trust, consider starting a mutual fund account for each of the children you want to help. You can establish a mutual fund account for each grandchild, using the grandchild s Social Security number with a parent designated as guardian. The address of the grandparent can be listed on the account to facilitate ongoing deposits. It is important to make sure that tax information is forwarded to the parent each year.