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Instead, she lives off the money for a year and bought '69 Chevy Camaro with a big rear end and it was stolen almost immediately because she didn't have enough money for comprehensive insurance.

I'm assuming that the lack of comprehensive insurance meant she didn't have coverage for theft and not the reason for the theft.

This is mostly a concern about large gifts to minor children. Also, if they take a detour into drug abuse access to large funds could result in them literally killing themselves. We have started a 529 plans for the grandkids. They seem stable but if something goes wrong the funds can be used for a different grandkid.

It is different for children who are investing their own funds and will be a lesson in capital gains taxes.
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