The downsides are savings accounts now are offering returns lower than the rate of inflation of college costs and the fact that, in your child's name, you lose control of the asset when the child reaches majority age. Rather than a Uniform Gift to Minors account, I advise clients to use 529 plans or state sponsored college savings funds. With a 529 Plan, you are the owner and you have a designated beneficiary to use the money for education. That beneficiary can be changed at any time to any immediate family member facing college costs. If number one offspring, who owns the savings account you propose goes to West Point, you can name child number 2 the 529 beneficiary with no tax implication. If child number 2 opts not to go to college, any niece or nephew can use the funds, or you can reclaim them and pay taxes on the gains in the account. If you opt for a 529 plan, you aren't bound to use the one your state recommends or endorses. Check the performance of all 529 providers and then consider the tax ramifications of your state with an out of state plan. Hope this helps.
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