Dear Blake,
I am considering putting aside some money for my granddaughter’s college education while I am able to do so. Do I need to see a lawyer for this? I just want a simple solution and need to know the best way to do it. She is 12 and wants to go to college someday. Is setting up a private bank account just for her a good idea? I really need some help in doing it the right way.
Signed, Sarah
From Twin Falls, Idaho
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Dear Sarah,
I think it’s great that you love your granddaughter enough to help prepare her future. However, she’s only 12 now, and I would suggest that you wait a few more years to determine if she is going to be a productive citizen or a freeloading leach demanding government handouts, if not worse. Let’s look at a potential timeline. At 14 she could be strung out on drugs, and you may have to use the money that you saved for legal fees, after her numerous shoplifting arrests that may be supporting her addiction. At 15 she could be feeling the pressures to score high on her SAT, and resort to cheating, and then gets expelled after she gets caught trying to look at the answers on nearby Asian student’s paper. At 16 she might fall in love, and despite everyone’s objection, continue to see a 34 year old ex-con who’s the leader of a motorcycle gang. But, it’s possible that your granddaughter may really apply herself and receive a full scholarship to a very prestigious college. And if that happens, her snobbish classmates from wealthy families will probably indirectly influence her to collect her inheritance from you “early”, and she’ll initiate a plan after she gains access to some untraceable poisons. I hope this helps.
Blake