Hello parents. I want to save money to give to my friend's children when they graduate from highschool (one is 4, and the other is due in a month). I have never given my nephew gifts, and don't plan to start with the new baby, because I don't want to "buy their love" (He LOVES me despite no toys given over the years. We spend a lot of time playing though!). Instead, I want to start saving/investing the money I would have spent, or what is normally spent, to give to them as a lump sum 14-18 years from now.
I looked into 529 plans but they require I get ahold of the child's SSN. I am close to my friend, but don't think that is an appropriate thing to ask for. I have brought college and retirement savings up in the past, and am pretty sure they have not started a 529 plan themselves....Plus, that wouldn't be much of a surprise.
What do you guys think? Should I even keep what I'm doing a secret from the parents? Or is it better to talk to them again? I don't want to step on any toes. Or should I stop being so weird, and start giving them legos like normal people?
Right now my solution is to set up some accounts in my name, but make the children the beneficiaries, then when they turn 18/graduate from highschool, hope for the best that they spend it on education. Ah, what do I care. They should spend it on a trip around the world if they want (another reason not to get the 529).
Any advice? Any advice on how to set up the accounts?
Thanks!