<prompt> Human: So heres the backstory: My sons father had really rich grandparents, like Indian Casino Gaming rich. I didnt inherit squat but my son got money for what Im guessing is meant to be a college fund. But in Idaho he cant touch the money until he is 21. Im thinking of transferring it to a 529, if thats allowed. But Im worried about tax penalties and the total amount he inherited is slightly over the maximum amount that can be contributed to a 529 in a single year. Anyway, I was wondering if anyone knew of any issues that might pop up if I do this.  <response>: I dont believe you can transfer to a 529 but you should be able to manage it inside the UTMA. I would invest it in some growth stock mutual funds and let it grow until hes 21. Also note, once he turns 21 the money belongs to him and you will have no control over it. 