I have a 4 year old nephew. When he was born, we put a little money aside for him (just in a savings account under my name) and have been adding to it since. I am now on the verge of having another niece/nephew to save for, and want to think it through a little more before opening up another account for them.
I definitely want this money in my name only, with the child as the beneficiary so that I have control over it, and they don't have to pay taxes on it or have it count against them for FAFSA. I thought I would do this in Vanguard, because I already use them and really like them, but they don't allow designation of separate beneficiaries for each account. I would like it to be in stocks, and I think probably a taxable account is my best option. Does anyone have any suggestions for this? Would Betterment allow this? If so, what would I be looking at for a minimum investment?
I welcome any suggestions, or comments about my ideas above. Thank you!