My mom has gifted us $1000 to establish savings accounts for college for each of our kids. My husband and I don't want to go the traditional 529 route, as we aren't sure our kids will need or want to attend college to be successful. Also, our kids might have full scholarships to college (my husband and I both did), and they might not need money for college, but they might need money for a car, or a downpayment on a house, or who knows what. I'm looking at establishing UTMA/UGMA accounts for them. Based on the research I've done, the money would be in their name until they came of age, and then they could spend it on whatever they want. Also, it looks like the first $1000 of income in these accounts each year is tax-free. Since my husband and I aren't planning on contributing additional money to these accounts, I doubt they will reach the point where they are earning that much.
Question: Where is the best place to set up an account like this? I need a place with a $1000 minimum investment or lower, and a good choice of index funds to invest it in. Vanguard? Fidelity? Has anyone here ever set up an account like this that can advise us? Thanks so much!