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Thanks, Jenn.

Trusts are financial tools that I know nothing about. Looks like I have some research to do. Your post implies that I could use a Trust to generate a passive income stream, without "paying" for the lump-sum inheritance, also. That is an idea worth pursuing further.

I would greatly appreciate any help directing me to sites that would help explain the different types of Trusts I might consider.

As for the comment:
<< On the other hand, why not pay for the kid's college and stop worrying? >>

Two factors come into play:
1. Starting in 2001, I'll be "supporting" (12) college tuition payments over the next (13) years for my three children. This projection is for undergraduate tuition only, and assumes no "add-on" years due to switching majors, coop programs, etc. The inheritance amount won't last long enough to cover all the projected payments.

2. I have a personal philosophy that the student should have some financial responsibility for their college education. Even if I could afford to foot the entire bill, I wouldn't. I learned from personal experience that, from age 18-24, you tend to make better decisions when it's your money on the line.

Actually, I was hoping to use the inheritance money to help fund any post-graduate work that my children may pursue. But, needless to say, the college financial aid process is designed to get my money now, not later.
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