DEAR ABBY: As a baby shower gift for my (soon-to-be) grandson, I plan on opening up a UTMA (Uniform Transfers to Minors) account for his college education with a $5,000 initial deposit. My idea is to add $1,000 every year on his birthday for the first five years.
Would it be tacky to challenge, or encourage, his other three grandparents to contribute to the account by matching their contributions every year up to my $1,000? Or would it be better to just tell them my plans and let them know they can also make deposits to the account? I don't know the financial situations of the others, and I don't want to offend anyone. Your thoughts? -- ABOUT TO BE A GRANDPA IN ARIZONA
DEAR GRANDPA: I'm voting for your second idea, for the reason you gave. While the concept of an education fund for your grandbaby is laudable, making it a "challenge" might create financial stress for the other grandparents and be perceived as one-upmanship if they are unable to donate as much to the fund as you do.