Author Topic: Christmas - Savings bonds? UGMA?  (Read 2429 times)

MMen

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Christmas - Savings bonds? UGMA?
« on: December 04, 2012, 10:35:38 AM »
I have about 11 young relatives (1yr-16yr) that I do not want to give toys to for Christmas. They just plain have too many and there are a lot of near Christmas birthdays in the family. I would like to start a tradition of giving a monetary gift each year, that for the younger ones will add up to something significant by the time they are of age. As they are older, I may include books: YMOYL, Richest Man in Babylon, etc. What is the easiest way/best impact to give? Savings bonds do not seem to have much of an interest rate right now. Most options seem to require obtaining SSI numbers for each recipient. I am not sure how their parents would feel about this... Any thoughts?

grantmeaname

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Re: Christmas - Savings bonds? UGMA?
« Reply #1 on: December 04, 2012, 11:07:46 AM »
Could you send the parents checks to go towards the childrens' 529 accounts? Do they even have 529s?

eyePod

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Re: Christmas - Savings bonds? UGMA?
« Reply #2 on: December 04, 2012, 11:44:12 AM »
I have about 11 young relatives (1yr-16yr) that I do not want to give toys to for Christmas. They just plain have too many and there are a lot of near Christmas birthdays in the family. I would like to start a tradition of giving a monetary gift each year, that for the younger ones will add up to something significant by the time they are of age. As they are older, I may include books: YMOYL, Richest Man in Babylon, etc. What is the easiest way/best impact to give? Savings bonds do not seem to have much of an interest rate right now. Most options seem to require obtaining SSI numbers for each recipient. I am not sure how their parents would feel about this... Any thoughts?

If you were going to put money into my kids future schooling, I'd definitely give you her SSN!

MMen

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Re: Christmas - Savings bonds? UGMA?
« Reply #3 on: December 04, 2012, 12:20:14 PM »
I am not aware if they have 529s. I guess I want to make a decision before I start asking their parents for too much information... but maybe I can't make a decision without more information.