1. 529 College Savings Plans
Your children’s financial future may begin as early as their birth. Establish an account once you have a social security number for your child in their name or initial in the parent’s name.
3. Custodial accounts: Uniform Gifts to Minors Act (UGMA) or Uniform Transfers Minor Act (UTMA)
These types of accounts are typically for supplemental spending for college and not likely to go to tuition.