I set up a 529 fund for my grandchild. He earned a full scholarship to the University of Notre Dame and will not need the 529 money which is around $115,000.00. I promised all of my grandkids that if they were able to earn a scholarship that the money in their account was their's. How do I go about withdrawing this money and transferring it to him or withdrawing the money and giving it to him or putting the money into stocks or rolling it over so that he reaps the results of his earning a full scholarship? In my eyes, the money is not mine but his. I/We understand that there could be some tax implications on the gains.
Thanks for any help that you can give.
