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The old-school UGMA account is a way to put more assets in their name. Caveat is that they have legal control of it at 18 (maybe 21), and have to pay taxes.
Or you can be like my parents and not tell you about it lol
You can probably start a cash value life insurance policy in their name if you have extra cash you want to send their way. Income is tax free and insurance drag is low since they are kids. You get to decide when they take it over unlike UTMA. Then they have insurance and cash when ready to start out in life.