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Lifestyle Q & A Forum

How can non-US citizens set up a fund for a baby born in the US?

by
Carmen Petote Certified Financial Planner Allegiance Financial Advisors, Inc.



Question:
My parents live in Europe and would like to set up a fund for our baby when she arrives. Is this possible? I am a resident alien and my husband is an American citizen and our baby will be born in the US. - Victoria, Washington DC
Answer:
Yes, this is definitely possible, and there are a number of ways to save for your children. The easiest way would be for your parents to set up an account with your husband as custodian of the funds since he is a citizen. There are special rules regarding resident aliens, but this should not pose any real problem should you choose to be the custodian of the assets.

If your parents want to be custodians, you should speak with the institution with which you intend to open the account (bank, mutual fund, etc.). They will be familiar with the rules.

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