Message Font: Serif | Sans-Serif
No. of Recommendations: 2
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
Print the post  


Paying For School Guide
Trying to Tackle Tuition? The Motley Fool's Guide to Paying for School will help you fight those rising education costs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.