<prompt> Human: My mom is basically giving me 10k for each of my kids both of whom are under 5 with the basic intent of them receiving it when they turn 18 or 21. I dont want to put it in a college fund per say, should they choose to not go that route. Any advice on what would be the best option to invest this for them?  <response>: You could put the funds in a 529 college fund.If they dont go to college, then the proceeds can be withdrawn and taxed as income.With a 529, you pick a beneficiary but you control the account. So if for some reason you needed to withhold cash from one of the kids, you would be able to do so. 