I am looking to start a college savings fund for my daughter and am debating between the 529 and UGMA. I want to be able to save for her and if her grandparents pay for her college (very possible) or she decides to go in a different path I want to be able to give her this money I have saved for her.
Her mother and I are divorced and we have joint custody but her mother is the primary parent and claims her on her taxes. If I were to open a UGMA account and there were tax implications down the line which parent would be the one responsible for that? I don't want to put her mom in a bind when tax time comes around but I want to save for her future in the best way I can for college or for general living expenses if the money is not needed for college.