College/Trust/Future Funds for Kids for UK and US family

[rob999 51]

Hey all, I have a nearly one year daughter, born here in US. I would like to set up a fund where family members can contribute for her future.

 

In the UK these used to be trust funds so tax “free” etc etc.

 

We would like to give her as many options as possible where she can go to college in UK or US (avoiding Brexit blahhh!). In addition where both family’s in US and UK can contribute pre-tax and/or avoiding nightmares of so she gets the best benefits for her tuition.

 

I’m researching online and it’s a lot and seems many options to look into, pros/cons etc. if anyone had any pointers/experience then would certainly appreciate any tips/hints etc!

 

I was looking at getting financial advice but even that I struggle in find someone whom I can be confident in their experience beyond the typical sales quotes on websites.

 

Im a UK citizen, came here on K1 and now Green card. 

 

Thank you for any tips or pointers as I research!

[aaron2020 11,651]

529 plan for US college savings.

[rob999 51]

37 minutes ago, rob999 said:

Hey all, I have a nearly one year daughter, born here in US. I would like to set up a fund where family members can contribute for her future.

 

In the UK these used to be trust funds so tax “free” etc etc.

 

We would like to give her as many options as possible where she can go to college in UK or US (avoiding Brexit blahhh!). In addition where both family’s in US and UK can contribute pre-tax and/or avoiding nightmares of so she gets the best benefits for her tuition.

 

I’m researching online and it’s a lot and seems many options to look into, pros/cons etc. if anyone had any pointers/experience then would certainly appreciate any tips/hints etc!

 

I was looking at getting financial advice but even that I struggle in find someone whom I can be confident in their experience beyond the typical sales quotes on websites.

 

Im a UK citizen, came here on K1 and now Green card. 

 

Thank you for any tips or pointers as I research!

Should also mention we live in Texas. Thanks!

[Illiria 980]

We have been looking for our 1 year old here in California. Family in the UK are collecting but not investing yet in the UK We can get an ISA set up when we go to live in the UK for six months during some work leave we have in a few years. They did have a limit on only being able to open an ISA if you lived in the country but that might have changed/different for children. ISA rates though have been pretty bad for a while though

 

Agree with @aaron2020 check the 529 for your state has it listed that they payout for all fafsa eligible institutions, some uk (and other international) institutions are Fafsa eligible. This would give your little one the ability to put it toward a us or a uk college, but check the fine print as not all states have 529 that allow all fafsa eligible institutions. 

Edited January 6, 2019 by Illiria
Additional info

[Randyandyuni 2,682]

In some states you can also purchase future classes at current rates, downside is if the child does not attend that college you are out of luck, it is also not transferable