I am an Indian citizen and currently reside in the USA with a student visa (F-1) along with my wife (F-2). Like a couple of months ago we are blessed with a baby boy. Now that he was born in the USA, he became an US Citizen. I am not sure how long we can stay in the US based on current immigration rules and pandemic situation. Even if we go back to our home country, India, we may or may not be returning back to the US.
My current assents include:
- IRA account (around 20k USD) - TD Ameritrade
- Savings account (around 25k USD)
- Stock brokerage account (3k USD)
Before I go back to my country, I would like to invest in something (even small or large) in the US that could be helpful for my kid in his future endeavors, once he decides to come to US for further education or to move completely. At this very moment, as a parent, all I want is to provide a better and financially secure future for him. Can someone please recommend best possible options for achieving my goal for him?
Update: I have read about Uniform Transfers to Minors Act (UTMA), but not quite understood the concept of: the assets will be counted as part of the custodian's taxable estate until the minor takes possession. If I move out of the country, how I can pay taxes for the money? And how can I get tax filings each year?