visiting w/a question...

peanutbutterluv

My best friend "Anna" has no children.. My other bf has two children. I just had my first. Anna's sister has three.

Anna & her DH want to exclusively adopt. They've started to look into it seriously.

I'd like to do something to "contribute" to their adoption. They're always buying our kids Christmas/birthday gifts, etc, etc...

I'm thinking about starting a bank account for them, putting a little money in it.. .and every Christmas and Easter give them a card and deposit money in it. The idea is that their future child maybe already exists somewhere, so I'm.. giving him or her "their gifts." When the adoption goes through, we'll give all the money to them to help with expenses.

Is this a bad idea? Is there something better I can do? Buy savings bonds? A CD?

CaptainSerious

Wow.  Let me start by saying you are amazing friend, and Anna is lucky to have you.  This is one of the nicest and most thoughtful things I've ever heard.

I think the bank idea is a great idea, but you may have to find out some legalities first.  I think you should be able to open it in your name, and then add them onto the account at a later date, so that the account would be yours, "in trust" for them.  That way, there's no worries about gifting the money, or who's name to put on the account in the meantime.

I'm usually a big fan of savings bonds, but I think you need the child's name (and a SS#; but you can just use your own, if you don't mind sharing the information).  Also, getting a bond right now, with the market crashing, might seem like a bad joke.  Don't get me wrong--I think they are a safe, good, long-term investment, but the timing of the gift might look off.

 Another thing you might consider is a upromise account (www.upromise.com).  You "earn" money from purchases you already make on a regular basis, and can designate a student to use that money for higher education when they grow up.  If they choose not to go to college, I believe they can withdraw the money for specified purposes, after a certain age.  Most upromise accounts are linked to 529 accounts, so the money accumulates faster.

BabySweetPeasMom

Wow, that is really sweet of you!  I don't know how to word it, or exactly how to do it, but it's a great idea, one I am sure will be appreciated.  Maybe chat with Anna and see what she thinks would be best?

MissionImpossible

Wow!  Can I just say what a fantastic friend you must be?  I wish I could answer your question--I'd take a look into what Captain Serious wrote and consider what fits your friend the best.  A very kind gesture.

 By the way, I'm taking applications for friends like you...:)  Much love, and I am sure whatever you do will be much appreciated. Jill

TTCgradstud

I have to agree with everyone else, you really are a wonderful friend!  That is such a sweet gesture, and I'm sure Anna will appreciate that you are thinking of her child already.   If you want it to be a secret until the baby arrives then you could have the account in your name until you want to transfer the account to them. 

JasonsLyric

Wanna be my friend? I think you're awesome. That's a very nice thing to do:-)