I don't know your kids but I've created scholarships before with sponsor funds.

First, what qualifies as "education" in my mind is more broad than what most others might feel; different experiences outside of formal post-secondary educational programs can be very educational.

I would consider supporting experiences abroad, service learning projects, Peace Corp tours, Habitat for Humanity, etc.

I might also entertain funding a business plan if the grandchild wrote a convincing proposal, and make part-time enrollment in courses a condition of this.

Not all learners are ready for college at the same time, and some are more well suited to other pursuits.

I would try to find a way to include different possibilities.

and particularly relevant as one of my daughters had/has learning differences so was/is in need of particular focus. She is also a great teacher!

And travel + education abroad part of my education, and that of one of my daughters.

As the babies, won't be writing proposals for a while, would like ideas on how to maximize their options way down the road. I'd entertain anything, but maybe should create an age trigger: At or around the age of 16, blah blah blah.

Perhaps you can set up some kind of a trust, money left to your grandchildren and worded so that additional grandchildren not yet born are automatically included. Then, have language that does very broadly construe education. To have funds available for summer programs could be quite wonderful.

My children had the good fortune to have well-off and generous grandparents, and as a consequence I was able to send them on some wonderful summer programs, and it was greatly appreciated. Good for you for wanting to do this.

Oh, and it is my opinion that even if your daughters' financial situations are very different from each other, do set this up so that all grandchildren benefit equally. Just my opinion here.

as my Dad did; not knowing how many grands there would be, he wrote $10,000/per. Luckily there were adequate funds for the 4, from which my daughters have benefited (rather recently.)

'Transfers on Death' accounts are easily done, and beneficiaries easily named. Could probably figure it out, but would like to know if there are particular investment vehicles that might be better for them than my current managed funds are.

I'm not an expert on such things, but I have a financial adviser who helps me. Depending on what the situation is with your managed funds, talk to whoever is running them. Otherwise, I'd suggest a good index fund. Keep it simple.

Thanks, SheilaT.

See what they offer, if anything. You might also consider setting up a fund for them under a Uniform Gift to Minors Act. Consult an attorney on that.

Only 1 is in MY state, and might move in years. How flexible are they, and what do they promise and deliver?

Gifts to minors possible, but again, how flexible? More than one? Named or not yet named?

Thanks for suggestions, lib.

I clearly have homework to do!

HAPPY NEW YEAR!

anyone in another state, who can attend college anywhere at all. It's just that some of the plans offer better tax advantages to the person funding them, or some such. I don't know a lot about them, but the same grandparents set up 529's for my sons and on this side we didn't have to be concerned about where they were set up, because the money could be used for schools anywhere. The flexibility is great.

The typical language in them covers "reasonable" expenses connected to education, including the cost of room and board. That last provision means that my son, still in school, can see what room and board would cost at the college he is currently attending, and use that amount to help pay for his rent and groceries.

But, and here's the big caveat, money in a 529 only comes out tax free if it's used for tuition, books, room, board, and other reasonable expenses. So a 529 can't be tapped to cover a summer language camp in Montreal, for instance. So just be very aware of the limitations of a 529, and if what you'd rather have for your grandchildren is money available for enrichment kinds of things, then a 529 is not what you'd want.

You are a wonderful grandmother.

You're a wonderful mother! I'm just beginning the learning process of being a 'grand!'

Must say inspired by my wonderful father, who thought of his grands-to-be well ahead of their existence. He was the explorer and inspired all of us to travel. so I may opt for maximum flexibility.

HAPPY NEW YEAR!