My mother passed away last month and I inherited about $40,000 and don't really need the money. I have 2 nephews ages 16 and 13.
Should I deposit the money into their 529 accounts or just put the money in a Savings account and just pay their tuition?
Don't know the exact formula but I'm sure the more money in 529 accounts the less in potential Financial Aid. But I also rea somewhere that if I pay directly it could be considered income to the kids???