I am divorced with 2 kids. My mom wants to setup a college savings account of some type for my older kid. Last time she did this, she used my kid's SSN and deposited some money. I do not know what type of account this was (529 or some other type). But the intent is to have the money available for my kid when he turns 18.
Somehow, my ex-wife was able to tap into it and withdrew all the money.
So this time around, I'd like to make sure that account cannot be tapped into by anyone. And assurances of a pimply-faced teen at the bank just isn't enough.
- How can I create an account that is untouchable?
- What type of account (e.g. 529?) should I setup?