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What to do with $gift for my baby

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  • What to do with $gift for my baby

    Hi

    I have a 6 month old baby. My parents and brother gave $3000 as a gift for my baby but they want it to be used for him as they plan to give more gifts in the future. Anhyone suggest how I can invest this best and have control over it until he is 18 years old and optimize ROI, Taxes etc for him besides doing a Roth.

    Should I start a new taxable account in his name? should I put the money in my taxable account but tell my mother its for him ? iany ideas ? thank you

  • #2
    529 account.

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