Ok need some ideas on where to invest this money for MikeCs Boys

[SEB]

The 10th is creeping up and want to invest the money in to some type of savings for these boys. My question is what? Need something fairly easy for me to handle. I will be transferring the funds to my Personal account and draw it out and put the cash in a investment. But what?

Mikes girlfriend Courtney donated $1000 to the fund and LS donated a $1000 as well

[racrguy]

I'm not an expert. If you're looking for something simple, maybe look into a CD set to expire when they turn 18/20 or so. Not great rates, but you don't really have to fuck with it either.

[SEB]

I'm not an expert. If you're looking for something simple, maybe look into a CD set to expire when they turn 18/20 or so. Not great rates, but you don't really have to fuck with it either.

I like this idea!

[GrayStangGT]

Might look into a 529 savings plan. I believe all of the growth is tax free when used for college.

http://www.irs.gov/uac/529-Plans:-Questions-and-Answers

[sc281]

If it were me, I'd just deposit the money into a 529 or a custodial savings account that mom or grandma open for the kids. I wouldn't want this money hanging over my head for the next 10 years, and be bamed should anything happen to it. (Market loss, theft, etc, whatever)

[SEB]

Might look into a 529 savings plan. I believe all of the growth is tax free when used for college.

http://www.irs.gov/uac/529-Plans:-Questions-and-Answers

This is what im looking for. Im making the boys grand parents the Trustees of this money as well so I don't have to be responsible for it.

[SEB]

After reading up on the plan. I would have to give the grandparents the money and they would have to open the plan up in their name. I am thinking have the grandparents and I meet up at my bank and have the plan setup there in the bank so I know they money is going to a college fund for the boys

[GrayStangGT]

Just go talk to a broker, I'm sure once you explain the situation they will be happy to set it up for you and get all the paper work squared away with the grandparents. Someone local to DFW can probably recommend someone.

[sc281]

That sounds like a plan.

[John -- '02 HAWK]

remember to have a safety clause in case of the death/incapacitation of the grandparents

[lowthreeohz]

Did Jody agree to help place those funds? I wouldn't trust anyone on here more than him with respect to money management and investing.

[Sean88gt]

Dfwm strip club gtg?

[likeitfast55]

I do not know how EE bonds are performing now. I bought EE bonds for my boys college when they were young. Tax free if used for school. I do believe any school unlike 529. I seem to remember 529 has restrictions on it.
You might talk to a banker about this (EE Bonds)also.