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Pastimes : Children and Investing

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To: bobm3 who wrote (10)	11/3/1998 11:10:00 AM
From: Early Out	Read Replies (1) of 22

Some more thoughts regarding putting money in my childrens' names: If my children do not go to college, then it's no big deal - they can do what they want with the money, and my wife and I can do what we want with the money we have set aside for their education. However, if they do go to college, then I'm afraid of a double whammy. The money in their name will reduce the amount of possible financial aid, but since the money is in their name they would not need to spend it on education, sucking more money from our education account. So it seems the question becomes, "What is more important, the potential tax savings, or the possibility for more financial aid?" For low-income families it would seem to be most important NOT to put the money in the kids names, because they will need to rely on financial aid to finance the kids' education. For high-income families it shouldn't matter if the money is in the kids' names, because they probably wouldn't be eligible for financial aid anyway. It seems the grey area belongs to the rest of us stuck in the middle. -jsc

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