FutureGift Makes It Easy for Others to Fund Your Child’s College Education Plan
When it comes to saving for a child’s education, most parents need all the help they can get. FutureGift creates a college savings page for your child and then turns it into a 529 savings plan.
To use the free tool, you register and create a page that you can share with your friends or family. You can even customize this before the baby is born. Through the site:
FutureGift will track contributions through the child’s page, so parents can start planning college savings even before the child is born and an account is opened. We collect all the necessary information in advance in order to automatically create documents for opening an account for parents immediately after the birth of the child. After the baby is born, the forms only require a signature and information about the newborn, which we will send to the parents in advance by mail.
What’s more, for every four installments, FutureGift adds $ 25 to your account. Once you send them your signature, their FutureAdvisor service will open plan 529 for you and then transfer your savings to that plan. This service basically takes care of everything: they invest money for you, optimize your investment, and maintain the account. Of course, you can always customize your own 529 and link it to your FutureGift page.
They do not charge a fee for running college savings plans, but they do charge fees for running other types of investment accounts from which they make money. According to the site:
FutureAdvisor makes money by managing retirement and other savings accounts. For these accounts, we charge an annual fee of 0.5% on directly managed assets, which is less than half the cost of a typical financial advisor. We believe that our college curriculum service will impress you to hire us to manage your other investments, but we are not required to do so.
If you’re looking for a one-stop resource for setting up and maintaining your 529, it’s worth checking out. Try it yourself by following the link below.