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>I have
> occasional nightmares featuring the kids, fast cars >and trips to Europe.

I can understand the fast car nightmare ... but I'll tell you, the one regret I have from my college years is that I didn't do a semester study abroad, or spend a summer traveling through Europe. If some of that money lets them have that experience, it's not the worst thing!

>Personally, if I could legally convert the custodial >accounts to some kind of trust,
> I would be more than happy to pay the difference in >taxes.
> Anybody have any ideas??

I'm no tax or legal expert, but based on the literature I've read, once the money is put in a Uniform Gift/Transfer to Minors account, it legally belongs to the child and you can't take it back. But perhaps there are ways I odn't know about.
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