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Pastimes : Children and Investing -- Ignore unavailable to you. Want to Upgrade?

To: Early Out who wrote (15)	11/3/1998 11:46:00 AM
From: PatiBob	Read Replies (1) \| Respond to of 22

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. In Texas we have something called "The Tomorrow Fund". This was set up with this very problem in mind. Low income families can invest for their childrens education. That is all this money is allowed for. The one thing I'm not certain about is, I've heard that it is only for Texas Colleges/Universities. I believe it's because it is a state controlled fund and they want to keep the money here in Texas. 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. This is the problem we faced with our 21 year old. He still lives at home and therefore is "supported" by us. We provide a roof and meals. That's it. He pays for his truck, insurance, phone, cloths, gas, etc. O.k., I do provide the laundry detergent and the means with which to wash and dry his cloths......but not the labor. :-) PB