The Motley Fool Discussion Boards

Previous Page

Retirement Discussions / Retired Fools

URL:  https://boards.fool.com/funding-grandkids-college-27959454.aspx

Subject:  funding grandkids college Date:  9/13/2009  1:33 PM
Author:  nanariggs Number:  15655 of 22292

Thanks in advance for any insight and advise you may offer.

My husband and I have been retired for 5 years. All of our assets are in a trust, except for $50k i recently received in an injury settlement.

We have 5 grandchildren from 3 of our 4 children. the three eldest grandchildren have stable parents with good income for their childrens current needs and college. The two youngest grandchildren do not have a stable environment or income. Currently we give to the grandchildren equally - gifts, clothes, uniforms, special interests, and career prep costs.

the two youngest live near us, and spend the most time with us. I want to set aside money for the youngest grandkids college. they are 7 and in the second grade. i have discussed this idea with my husband and their mom. Husband acknowledges their need is greater, but thinks we should keep the equality rule. Mom is concerned that putting money in their name and social security number would limit any grants or scholarships they might obtain. i don't care what the other parents think about this idea, and don't plan to get their input or approval. how do i approach this plan? do i set aside money in the trust? do i use the $40k outside the trust to start a fund, and transfer money from the trust to the fund? what else do i need to consider?
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us