because he wouldn't start college for probably another 3-5 years. so after 10-12 years transfer the money to an account in my name??It's sort of like you transfer it to your name.But what you're doing is paying his expenses from HIS account.ex. paying for swimming lessons, or summer camp or school lunch, or whatever. You use up the entire balance of his account on expenses that you probably would have paid for anyhow. (or if not entire balance, as much as he/you can)And at the same time you're putting money into an account in your name, that is earmarked (in your mind) for paying for his college.When you fill out the FAFSA, ideally DS should have $0 to his name.Of course, since you're looking at doing FAFSA, etc. 17 years from now, the rules *will* change.But I'm betting the "expected contribution" will continue to be 20-something percent of the student's assets plus a much smaller amount of the parent's assets.
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