What's a good option to invest for my niece's future?

What's a good option to invest for my niece's future?
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#1

I want to invest in my niece’s future. She’s only 4. I want to invest tax free, no minimum investment, and I want to be able to add to it whenever I want for free.

I’m 30 years old and recently permanently disabled. The only income I receive is from SSI and SSDI. I want to make sure investing for my niece will not affect my benefits.


#2

You’ll need to open a UTMA or UGMA (Uniform Gifts to Minors Act) account depending on your state. This can be done at any bank or brokerage. You won’t be able to add to it completely for free, as those firms at the very least charge trading costs. So, you could have a per trade charge of somewhere between $4 - $20. This is much lower than professional brokers would charge.
Anyway, that kind of account is the property of your niece, however as she is under 18 an adult must supervise and make the decisions. You need to be aware that such an account is an Irrevocable Trust in the sense that if you or anyone else puts money in, it cannot come back out. Only your niece, after age 18, is allowed to make withdrawals because it’s her property.
We’ll want to enlist the services of a Social Security attorney regarding your benefits question. Don’t take legal advice from people who aren’t lawyers, myself included. I can only tell you what I’d do.
Disclaimer: I’m not an attorney or a CPA, and you might need one. What I do is help people with their eventual non-working future.
I specialize in financial education and collaboration and I’m a reformed broker who can help you make it happen without the high cost.
Schedule a free 15-minute call here: http://bit.ly/omgfreeconversation.
I give customers the same professional tools that are usually limited to the yacht-owner crowd.
Happy to help more if you’d like to know more - I made my company so that everyone could have quality advice, not just those who already have a pile of money.


#3

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