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Check your state’s 529 plan. There may be tax benefits. NY allows a deduction of 5K or 10K for married filing jointly for 529 contributions (I believe that’s per taxpayer not dependent). I max that out split between my kids and put the rest in a taxable investment account (Wealthfront) for flexibility
I’ve been plowing money into 529s for my kids since they were born (over the past few years). You can contribute something like 36K per kid without triggering an IRS reporting requirement, and I think up to 75K a year. I’d rather contribute aggressively now for a few years, forget about it, and then my kids will be set.
If I accidentally over contribute — I’m sure a niece or nephew could use the extra dollars.