Good news and bad news: We are expecting our first child in the next 2mo. Sadly, we’ve also just lost a close family member. As a result, we’ve come into a little money and would like to put maybe $10-15K aside to start a college savings for baby. Does anyone have experience with this? What’s the best way to go about it? I’m not hugely familiar with this, but want to make sure I understand the fees and taxes that may be affiliated with different options. Would be grateful for any insight!

like
Posting as :
works at
You are currently posting as works at

Either a UTMA/UGMA or a 529. The former provides more flexibility on use but is less tax-advantaged, the latter is tax-advantaged but can only be used for qualifying educational expenses.

likehelpful

Some states have tax advantages for a 529 plan in your state of residence so look into the plan where you live.

smart

Yes, you can pick any state. If you’re a resident of a state that offers tax advantages to residents, then it would make sense to do it in your own state.

like

You will look for a 529, either one that provides tax benefits for you or doesn’t. NY and Utah perform best (aside from tax benefit). It’s easier to open this once your child is born but you can do it now and transfer the beneficiary once you have their social. Either way is fine, waiting just reduces admin.

You can also frontload the 529 with i believe up to 75k

Related Posts

I’m a single parent and mid-level associate, and have been struggling with the increased expectations from pandemic-level work. I do not have the luxury of a full-time nanny, maids or stay-at-home spouses like most of the partners I work with and the expectation that I be available 24/7 (and on zoom) is impossible to keep up with lately. Work was manageable pre-pandemic (and I really enjoyed it) but these new expectations seem unsustainable. Anyone else in the same boat? How are you managing?

like

Which Big4 is better in terms of benefits ?
Considering the mobility, leaves, insurance and WLB. Who has the longest paternity leave ?

My Career Counselor (read: mentor for non Accenture 🐠 ) is expecting her 1st baby! Any gifts anyone can recommend (more on the personal side)? I’m in charge of purchasing on behalf of our office.

uplifting

Suppose you are 3 months pregnant and interviewing for a job. Would you disclose to the recruiter that you are expecting or is there no need to give that information until after being hired? As for the compensation, if you’ve already been told pre-interview, the salary range for the role, is it appropriate to negotiate a number for the salary if you are asked your desired salary in the first screening interview? Or should you try to hold off on the negotiation after you receive an offer?

like

Looking for general advice on my financial situation.

-married with one kid & another one on the way. Wife doesn’t work anymore
-235K in cash (just sold our house; tax free gain)
-25k wealthfront account
-15K debt (10k student loan/5k car)
-70K in 401k (mine and wife’s). contributing 10%
-5.5k HSA
-Pension - ~$500 p/month upon retirement
-170k salary
-startup on the side; 2k expense per month (pre profit)
-we don’t intent on buying a house in the next 6 months. Living with in-laws now.

like

My sister and brother in law are dealing with male factor infertility. My husband and I had our own infertility journey, so she shares a lot with me. They are Catholic, and he is firmly opposed to IVF, but a series of doctors have been clear that is their only option. While she is not opposed to adoption, she can't put aside the opportunity to be pregnant lightly, especially considering there is no indication of any issue on her side. Anyone been through something similar?

like

Does Deloitte give 6 months parental leave for men?

like

More of a vent. I want to travel with my kids when they are older (I have a baby and a toddler) and I decided this even before the pandemic. It’s stressful with small kids. My family always reminds me that they went on vacation with my sister and I when she was a baby and I should be able to do it once the pandemic is over. My sister and I are 11 years apart! Of course they could travel. I could feed myself, wipe my own ass, and I even helped with my sibling. So irritated with the judgment!

like

Hi all. What is the firms PTO policy and maternity benefits (specifically paid time off and length of time) at Houlihan Lokey?

Anyone here purchase hospital indemnity insurance from their employer? My husbands company offers it and we’re unsure if it’s worth it or not. We’re hoping to have a baby next year.

My creative marketing agency, Codeword, is hiring account people! Senior Account Managers, an Account Director, and Account Managers. We work with tech clients like Google, Linktree, Qualcomm, and others. The agency has about 80 employees, but is owned by a much bigger parent company so the benefits are great! Most of the roles are based in NYC but we also have offices in San Francisco and Salt Lake City.

Message me if you have any questions and I can possibly refer you!

like

Flew for the first time today. Woman next to me took her mask off immediately upon sitting down and starting chatting loudly with her son. I asked her politely if she could keep her mask on and she proceeded to spend the rest of the flight fake sneezing and laughing giving me the side eye to see my reaction. What an inspirational mother.

likefunny

Hi, I'm 20 weeks pregnant with my 2nd child. Doctors noticed my cervix is shortening and depending on my cervix check next week I may need to do a cervix cerlage (procedure to stitch cervix). Have any of u had this or have suggestions for me?

like

I have a parent who is making my life a living h$!!. Problem is that she has too much power bc she's best friends with the principal.

like

Parents with ADHD. Can you please share tips and suggestions as to how you manage baby with adhd. I am a new mom and sometimes things are very overwhelming.

like

What are the maternity benefits like at pwc?

like

I have a 5 months old baby. My husband and I have being able to manage working from home and taking care of him. My husband is self employed so his working hrs are super flexible. We would like to go out on dates and have some time to ourselves once in a while. We did get a babysitter but for some reason am just anxious leaving my baby with her. Do you have hidden cameras in the house when you leave your kids or do you tell the baby sitter there is a camera or no camera at all.

Pregnant and have a 3 year old. I’ve been feeling very insecure in my marriage. Feels like we’re roommates lately, especially during quarantine. Is this normal?

like

My daughter is 23, years old, going for her HR bachelor. 4 years experience in HR coordinator and high volume recruiting in hospitality and aviation. She’s looking for something remote because of the baby. Any referrals ?

like

More Posts

Ordered 1 suit and some shirts from Sam Tailor in Hong Kong. Anyone have experience using them? Apparently they've done suits for former US Presidents and celebrities. Prices are reasonable.

like

🚨DREAM JOB ALERT 🚨

Post Photo
funnylike

Advice requested: if the following 2 companies which one would you select to work for as a Sr Medical director: Vertex or AstraZeneca? And why?

like

Hello all, I am working as senior data analyst at NielsenIQ and following learning path of data science. Started with tech like Python, Sql and power BI since 3 months. Can you guys suggest more techs? YOE is 5 years analyst.. when can I start applying for Data science profile?
( Please give me 11 like so I can start DM)

like

Anyone know or have speculations as to the hourly billable rate for Media Law partners at Davis Wright Tremaine?

like

What is the promotional hike in GSK? Grade promotio or level promotion.

like

Hey PE experts. Im currently a leader for our Private Equity pillar for Technology at KPMG and looking to explore moving to the other side at an actual PE firm to lead their technology solutions for the funds/portcos. I.e. implementations if technology solutions for portcos. Anyone know of current opportunities please share. Thanks.

like

Hi all! I am a Strategy Manager @ ZS Associates. We are looking to higher across all levels up to Manager, and possibly Associate Principal (depending on experience).

ZS hierarchy: Associate > Associate Consultant > Consultant > Manager > Associate Principal > Principal.

We have expand our footprint in several verticals. Specifically, Digital Transformation, Payer & Provider Strategic Advisory, Market Access and more! Please reach out to me if you’d like to discuss the opportunity!!

likehelpful

I need some help. My company got bought out and i found out i am getting paid over 20k lower than my counterparts and i have more experience and a higher degree than them. Any suggestions on how to push for a raise? I have 8 years experience, a Paralegal Degree and a bachelors and i am told i am an asset to the company. I am in corporate law. Any help would be greatly appreciated

like

Does anyone have experience with career changers in Data Analytics or UX/UI after taking the Career Foundry or Spring Board bootcamps? I’m curious to hear opinions if it’s worth the investment. Interested in hiring perspective or career changer!

like

Anyone have any thoughts on wearing a backpack with a suit jacket/blazer? Not the best look in my opinion but more comfortable than a messenger, over the shoulder, bag.

like

Cant open iBegin TCS portal, anyone else having this problem right now?

like

Can someone share what’s their work life balance at big 4 firms? Interested in a product management role but I’m concerned with working 70+ hours a week.

like

Just got out of an hour long mansplaining session with two slightly senior men from my team. How do you all pivot when this starts happening? This kind of stuff makes it so much harder to do my job.

like

Hi Everyone,

I need your help, please. I have a student who simply does not stay on track unless an adult is monitoring him. His quizzes go unfinished and writing assignments are put aside to browse online.
I also would like to ask if there is a way to prevent him from browsing other websites online during instructional time?

I am open to suggestions on how to keep him on track during Math and Writing assignments. Any assistance with this would be helpful.

Thank you,

Jas

like

I’m getting to the age now where women aren’t having abortions since they are at that age to support it. I’m scared

like

How does company phone eligibility work within PDM? Based on level, need, or no-go across the entire delivery model?

like

Made some Armenian bbq last night. Honoring my homeland while it is being bombed and our existence is threatened yet again. 🇦🇲

Post Photo
like

I could use an outside POV. The head of my agency places a great deal of importance on diversity. As I understand it, diversity ensures that a broader variety of perspectives and experiences are represented. The head of my dept comes down on me for bringing too much of myself to the work. Being too subjective with certain suggestions. Yet if people like me are only 2% of the population, my world view will never be “objectively” represented. Kind of offended by the straight privilege at play.

like

Additional Posts in Working Moms

Pardon my ignorance, please, but what’s this !? I have seen this in many kitchen pictures on the backsplash right where it’s in that picture (above the cooktop and underneath the vent).

Post Photo
likefunny

Does anyone have experience with a vanishing twin? I have two similarly sized embryos with great heartbeats at 7 weeks, but embryo B has a small gestational sac. My OB cautioned that embryo B not surviving is a distinct possibility as a result. Curious of others’ experiences, regardless of outcome.

like

Hi there, I am looking into being a legal nurse consultant. Anyone have any advice, stories or info? It would be greatly appreciated!

like

I recently got married and we’ve been trying to have a baby for the past 3 months because we’re both eager to have kids. I feel like we’re not having sex (2or so a week) enough to catch the ovulation windows. We work a lot and sometimes we’re not in the mood for sex after a long day. I’m 27 and all I’ve ever wanted to be was a mom and now I feel like it’s starting to happen but I feel like work is getting in the way. Anyone else feel/felt this when trying or am I just overthinking it all?

like

Would it be wrong to tell my team that “40 hours (chargeable+non charge) is my physical limit and all I can give right now”? Given that they know I’m pregnant. I worked 70 hours this past week and it’s looking like there are more to come. I want to wrap up what I have (so probably a couple more OT weeks) and start setting more boundaries. Is that reasonable? I don’t want to sound like “I’m pregnant and I need special treatment”, but I simply do not have more in me physically.

like

Any McKinsey&co mums. I’ve been contacted by a recruiter to discuss a position. I’m a mum of two very young girls (<2) and I’m wondering if that option is worth discussing, given the demanding schedule in the company. I’m keen to work and be successful, but not happy to leave my girls for 3-4 nights a week. Any intel greatly appreciated 🙏

like

Christmas gift suggestions for my 8-10 year old nieces? $20-50 range

like

Hi y’all what are somethings needed to get BLW started? FTM and clueless

like

My 4yo is in a serious “I don’t want to go to school” phase (school=daycare). We’ve been getting him there with long talks/negotiations and the teachers tempting him in with toys but today was especially dramatic. Any tips?? There’s nothing wrong with the daycare, and at the end of the day he always tells us that he had fun etc.

like

Any moms who's kids have been diagnosed ADD (attention deficit kind)? I'm about to fill these forms for an assessment and would like to chat with someone who's gone through this and get some perspective

like

My husband and I have a huge combined family. They are also...well...loud. By loud I mean, laughing, debating, talking, all in good cheer. But sometimes arguments can erupt, and there's really no shortage of entertainment and sometimes drama. We're having a smaller gathering this year and wondering what's the best way to navigate all things COVID and health - we love to be close, hug, etc but I know everyone has different comfort levels and I want to be gracious and appease. What's your expert opinion? #QA

like

Anyone grow up with parents who were tit for tat with friends? Ie they treated friends to a moderately expensive dinner twice for each of their birthdays and were upset when their friends didn’t reciprocate. How did that affect you? And on the other hand, if you grew up with parents who were overly generous and taken advantage of, how did that affect you?

like

Gift ideas for a husband who has everything and wants nothing?

like

Anyone here married to a total slob? I mean like trash falls on the floor and he just leaves it there. Socks everywhere. Granola bar wrappers left on counters, half empty soda cans all over the house. Uses a towel and throws it on the floor, then gets a new one. Leaves things random places, forgets, loses them, then buys another one. It wasn’t always this bad, I don’t know what’s changed. I’ve tried talking to him, asking him, reminding him. I’m at my wits ends guys. I need help.

like

Curious - how old was your child when they dropped the afternoon nap? My 2.5 yo is fighting it daily now! How did you transition to quiet time?

Any breastfeeding moms use CBD? How do you dose? What form do you use it in? I am only looking to hear from nursing moms who have tried it or considered it, not looking to have a debate about CBD in general and I am not looking for your opinion unless you have used it while breastfeeding. Thanks in advance.

like

I’m getting really worried about childcare costs. My husband and I are both English but live in California so have no family around us. I’m looking into childcare costs and starting to freak out. We both work full time. It’s going to cripple us. I’m feeling a little desperate

like

I’m a recruiter with 8 collective years of experience in the HR industry - mostly comprised of recruitment and employee relations. I’ve also been SHRM certified. Looking for a company with great culture, excellent career growth and career pathing options and a competitive compensation package with day 1 benefits. Remote only please.

like

I am 4 weeks post partum and feel like a shell of myself. Sleep deprived, emotional, headaches everyday, boobs throbbing from constantly nursing, and the list goes on. When does the newborn phase get better? Any words of wisdom or encouragement?

like

i’m absolutely spent and will have to hire a babysitter on the weekends. husband helps around the house but is not attentive with kid. feel immense mom guilt about a weekend babysitter since my 2 year old already goes to daycare .

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.