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My sister passed away recently, and I found out that she had named my son as a beneficiary in her life insurance policy. My son is fourteen, and I hope he will go to college if a few years. So this money will come in handy for college tuition, etc. What are the tax implications? Should I set up a UGMA with a brokerage, or are there college savings plans out there that can handle a lump sum deposit (more than $50,000)?

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