<prompt> Human: I have searched through the FAQs and posts and havent seen one that is specific enough for our case, please forgive me if this is redundant. We recently sold our home and have a good chunk of money waiting to immediately put into an account. We are in our early 30s. Our child is less than a year old. My brother wishes to put money into the account in memory of our mother who passed away recently. We want her to have the option to not go to college, or use the money towards getting married or starting a family etc.Im concerned the UGMA account would be a waste - constantly getting taxed and would hurt financial aid, but a 529 might be too restrictive. Is there a better option?  <response>: An index fund in a taxable brokerage account. If youre concerned about hurting her financial aid, focus on funding your own retirement accounts or paying down any mortgage on your residence, neither of which count against financial aid. Then youll be more financially prepared to help your daughter pay for college or whatever. 