If you want to give your child some serious money and a lot of leeway, fund a Uniform Transfer to Minors (UTMA) account, which enables a child to hold - but not own - investments until she's legally an adult.
Until then you can decided how the funds are handled in any way that is for the well-being of the child.
It's a great way to get a child interested in investing, says Allen Bronton, a wealth manager in Crystal Lake, Ill., "because this is going to be money that they're going to get one day."
 Best investment: Vanguard Total Stock Market Index
Best way to give kids a firm financial footing: An UTMA account
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