Superfund a 529 plan
Parents can make 5 years of contributions to a 529 plan at one time while still qualifying for the annual gift tax exclusion.
In 2020, the annual gift tax exclusion is $15,000 per individual.
So, $75,000 can be contributed to a 529 account as lumpsum without paying any extra tax.
If you take money from 529 early for non educational purposes, you have to pay income tax and 10% federal tax penalty on the earnings portion of the money taken out.