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I have several great-grand-children. After each was born, I set up an account for them of Intel stock. I have a direct DRIP account with Intel and would invest $50 then transfer whatever amount of stock the $50 bought to that great-grand-child. I set up the accounts with their parents as the custodian. I now have a new great-grand-daughter and am wondering if I made a mistake in how I set up the accounts. My thought was the money would be a good college fund for them. But now there are accounts that are tax free for education. I'm not sure what the status of the accounts I set up. They are obviously for minors, as I had to give their birth dates etc. but they don't appear to be any different than my DRIP account other than having a custodian. Does anyone know if they will be tax free if the children use them for college (or medical) expenses? Or do I need to do something "special" to make them tax free for those uses? I am getting ready to do the same thing for this new great-grand-child and want to make sure I do whatever is best. And if I should do something different, is there anything I can do now about the existing accounts? Thanks for any help you can provide.
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