ApplePieChar writes (in part):Two of our grandsons just received $10,000 each for their education.I reply:Your options depend in part on how your grandsons received the money. If the donor made a gift to them, then you don't have much choice in the matter. You need to hold the money in some form, such as a UTMA, that respects their right to control the money once they reach majority. In other words, if that's the situation, it's their money, and if they want to spend it on a car rather than an education, it's their call to make.On the other hand, if the money was given to you "in trust for" your grandsons, either formally or informally, then you probably have more options, depending again on the donor's expressed intent. --Bob
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