Many states seen to have a 529 plan that doesn't require you to be a resident to sign up. I'm deciding between a 529 and UTMA account for a 1 year old, but have hit a mental snag. What would be best? Can qualified educational expenses be taken after the fact, like an HSA?
My current plan is 1 share of VOO for their birthday, and we'll start to build wealth slowly that way.
Your experiences and knowledge are most welcome. Thank you!
Update: Thanks to your help, we decided to go 529.