Do you contribute to a 529 plan?
I have two friends who have new brand new babies in their families. My best friend is a grandmother to a new baby; and my niece has a new baby. I would like to give them a small gift -- $25 to my friend and $50 to my niece -- to start or add to a college fund for the new babies. I am 65 years old, and don't want to control the fund once I give the gift. Education is very important to me, and I want the money securely held for college expenses for these babies and not available for anything else. I suspect my niece (she's a PA and her husband an engineer) already have a college fund established. But I suspect the daughter of my best friend (who's very financially responsible herself) hasn't even thought of a college fund. How can I do this?