<prompt> Human: My In-Laws have been contributing into a 529 to benefit my son, but as an active investor my father-in-law wants to establish an irrevocable trust that he can use as a trading account and personally manage those investments rather than pick from the paltry selection of funds available in the 529 plan. Should I be concerned about how this might impact my own income taxes? If a trust fund for my son earns too much money, would that go on my income taxes until he is 18? Are there other options we should explore? Any other considerations to... consider?Thanks for the input.  <response>: If it is in your sons name, it will have a significant impact on the amount of Financial Assistance he can qualify for when going to college. Have Grandpa keep contributing to the 529 or have them keep it in their own name and gift the son money when he goes to college. 