Aravind broke down the math on informal trust accounts and why at smaller amounts the tax savings aren't really worth it.

The bottom line: At smaller amounts - the taxes savings aren't worth the headache and at larger amounts handing all the money over at age 18 to your child seems non-ideal.

So either eat a few tax dollars or get a formal trust.

The juice isn’t worth the squeeze. The math behind informal trusts or ITF accounts
In Trust For Accounts (aka informal trusts) are overhyped when it comes to the tax savings in my opinion. Yes tax savings matter BUT once you factor in that you HAVE to give the money to your child at the age of 18 - the small tax savings don’t seem worth it.
Aravind Sithamparapillai