I liked a lot recent WCI's post on charity work, donations etc. Along those lines I have a question that maybe someone here will be able to help me with. I have niece in my home country in Europe that was born with chronic medical condition (form of autism). She's 10 now and has a good support from her parents, but likely will need help throughout her life. As our budget looks better every year, I'd like to set up some saving structure for her that one day can pass to her. So far I'm the fellow and my means are limited, but would like to start putting 3K a year for her and invest it in some vanguard fund (investing part I have figured out).
Do you have any good recommendation what would be the smartest way to do it? I could always open separate account in vanguard under my name and put 3K a year there and keep it for her. But wonder if there is any other way to do it, something that would allow me to use my pre-tax money, instead of post-tax and decrease my AGI? Either by qualifying it as annual donation, or setting up some specific account. As I gonna do it for years, I would like to make it smart. Major problem is she's not American and has no SSN, so probably can't open for her any specific accounts like UGMA, UTMA, 529, IRA etc. Are you aware of any solutions how to save money for child that is not an American citizen? Can I donate to person that is not American citizen? Is there any option of opening some specific account or maybe foundation and collect money there?
Any help and good input highly appreciated.
Do you have any good recommendation what would be the smartest way to do it? I could always open separate account in vanguard under my name and put 3K a year there and keep it for her. But wonder if there is any other way to do it, something that would allow me to use my pre-tax money, instead of post-tax and decrease my AGI? Either by qualifying it as annual donation, or setting up some specific account. As I gonna do it for years, I would like to make it smart. Major problem is she's not American and has no SSN, so probably can't open for her any specific accounts like UGMA, UTMA, 529, IRA etc. Are you aware of any solutions how to save money for child that is not an American citizen? Can I donate to person that is not American citizen? Is there any option of opening some specific account or maybe foundation and collect money there?
Any help and good input highly appreciated.
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