"Watch it grow",
"The money in the account will be invested in a mutual fund and will grow at the market rate of return!"
Then somewhere deep down in the FAQ they say they use Vanguard Wellington.
Is anyone that naive to fall for this?
What's wrong with regular UTMA, UGMA or 529 accounts?
(I have two kids, aged 5 and 1 -- both have 529s with Utah UESP, one of the best 529 plans out there)
Quoting wikipedia[1] on the difference this makes.
> The donor can serve as a custodian, rather than transferring the property to someone else to hold for the minor. However, the value of custodianship property is included in a donor’s gross estate if the donor dies while serving as the custodian.
[1] https://en.wikipedia.org/wiki/Uniform_Transfers_to_Minors_Ac...
I looked into that, but since my kids have dual citizenship (US/Italy), and since I could easily envision them not going to school in the US, or deciding that university isn't for them, the penalty provisions of that seemed a bit onerous.
https://retirementplans.vanguard.com/VGApp/pe/pubnews/TenThi...
http://www.savingforcollege.com/eligible_institutions/?cbdFo...
There are 354 foreign schools/colleges listed, 7 of them in Rome. I did not check other cities in Italy.
It's not too late! Take whatever help the government gives you!
"PONTIFICAL NORTH AMERICAN COLLEGE"
Which sounds like some sort of religious institution. Also, none of the major Italian universities in Rome are listed, to say nothing of the University of Padova here in Padova/Padua, which is one of the oldest universities in the world, and where Galileo spent "the happiest years of his life". Granted, these days it's not ranked that well worldwide, but hey, who knows where they'll end up, and getting 10% grabbed sounds like a bad deal.