{ "media_type": "text", "post_content": "My little step sister is 9 and is very clearly and openly the less favored child between her and her brother. I feel terrible for the environment she has to grow up in. I opened an UTMA account for her and am contributing what I can to help her out. Is there anything else I can do to ensure she has the financial freedom she needs to get out of her situation as soon as she hits 18?", "post_id": "61449b544a0f680023b958dc", "reply_count": 10, "vote_count": 3, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

My little step sister is 9 and is very clearly and openly the less favored child between her and her brother. I feel terrible for the environment she has to grow up in. I opened an UTMA account for her and am contributing what I can to help her out. Is there anything else I can do to ensure she has the financial freedom she needs to get out of her situation as soon as she hits 18?

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Thank you for making a difference in her life and not being a bystander!

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An UTMA is a great start and generous of you. Another option would be a 529 plan. If she is likely to go to college and unlikely to get assistance from her parents, this could help reduce any loans she might have to take out.

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You may want to look and see if you state offers a tax deduction for contributions to a 529 plan. Some states offer a deduction but only is for the state plan. Something to consider before just opening one somewhere else.

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With the UTMA just consider tax implications for her as well. Maybe you could open a 529 and keep in your name and transfer to her later? Just not sure if the parents could somehow take advantage and use the money for the son or something if you put it in her name now

Just be careful if she is going to college and has to fill out a FAFSA form for financial aid. I would assume this would need to be included.

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