I know this has been covered here before, but what is the best way to create an account that would hold the future college savings for my one month old daughter(its only been a month? It feels like an eternity). One that multiple people could contribute money to, but that could be managed by just me, or just my wife, or jointly between the two of us(this would be the ideal).
Also, Im not sure Id want it to be solely for college, because what if she gets a scholarship or something? Would the money then be useless?
I've been reading about some of the options, but none of them seen fantastic. Anyway, smart people lurk here from time to time
So any thoughts?
There are a few possibilities for saving. You could do an UGMA/UTMA but then she'd automatically get the money at 21 even if she uses it to pay an initiation fee to a cult. Not necessarily the best way. You can set up your own trust with your own provisions. There are 529 plans but they restrict who can contribute - not a problem if only parents and grandparents will chip in but can limit what aunts and uncles do.
You also need to think about who's name is on the account. Financial aid will count everything in her name but only part of what is in yours. That's a big deal that is seldom discussed and is another drawback to 529 and UGMA.
If you could be sued, have potential creditors, etc. you might want to protect it from them. Just some thoughts.
Keep reading widely. You have time.