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You have several possiblilities;
1) Set up a living trust with child as beneficiary. She can stipulate the conditions when and how the child can begin receiving the money. Or have a Trust be the beneficiary of her account(s) with the child as the beneficiary of the trust.
2) Use a section 529 plan for setting up a fund for a child.
3) Use the concept of a stretch IRA or better a Roth IRA by making the child the beneficiary of her Roth or IRA or 401k. I would imagine that there may be some MRD considerations if any of these accounts are tax-deferred.
4) Check with a good financial planner, estate planner who specializes in Elder Care.
glenn
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