$5M for college education

[Anonymous]

Anonymous wrote:Things That Didn't Happen for $500, Alex

+ 1 billion

[Anonymous]

No donation.

Only use a counselor if she is struggling.

Test prep is one expense it could cover (and test fees).

Trips to visit colleges. Tuition, housing, books, study abroad, maybe to underwrite an unpaid internship in her field.

You are lucky that you can afford her favorite school (of those she is admitted to).

Save a big chunk for grad school.

Don’t think of it as a way to buy her a place. It removes money from your worries/limiting factors.

[Anonymous]

Anonymous wrote:I need some advice. I am a single mother and my daughter is now a freshman in high school. My husband passed several years ago and we have been struggling to stay afloat since. I wanted my daughter to stay close to her grandfather even though her dad is no longer alive, so they see each other frequently and talk on the phone. Education has always been very important to him and he insisted on paying for private school for her. She made the switch from public to private last year and is loving her new school! However, she was devastated when Gramps passed last month. She took the hit pretty hard and we knew we could not keep her in private school without his financial support.

In his will, he left behind a large sum to support her educational journey: $5M to be exact. She was his only grandchild and they cared about each other so much. I am so grateful but not sure where to start. I know we will use some of the money to keep her in private school but how can I use this money to support her as she prepares for college? He clearly stated that the money was only for her education and I am new to all of this. She was always planning to stay close to home but now it feels like a whole new world of options has opened. Should I be hiring a college counselor? Making some sort of donation to her top school? Thank you so much and I am blessed to be in this position.

Plot Twist: Grandpa funding this 529 initiative through a Nigerian prince seeking assistance with his dormant accounts.

[Anonymous]

Something similar happened to us. Consult an attorney. In some states, if all of the beneficiaries agree the irrevocable trust can be decanted, meaning that a new trust is created with more favorable terms.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow! I wish we all had a grandpa like that. When my husband’s father passed, he left $200,000 to our family but my husband in insisted on spending the money on a luxury boat while he could of put the money into a trust fund for our children’s account. Now he’s my ex husband.

Good God! what an idi@t!

+1

Unless college is fully funded (all kids, 85K+/year), retirement set and your mortgage paid off, at least 75% of that should go towards those items. Then maybe $20-30K can be a splurge. I'd divorce someone that stupid with money as well

How can there be a splurge? It’s for education.

If you suddenly come into $200K inheritance, you are allowed to use a small amount to splurge, as long as you are paying all your bills. Putting $150-175K towards college is 150-175K more than you had a day ago. Also that is $75K towards each kid (assume you have 2). So in a few years that will be 2 full years of instate.

However, if I had nothing saved for college, I personally would put it all towards college but recognize that some people might want to splurge a bit, and that will help them continue saving for college.

[Anonymous]

OP here. Just had some time to kill and wanted to see how DCUM would react. Nice fun!

[Anonymous]

Anonymous wrote:You should not need $5mil for one person’s education.

I'm on board with you. This is so far-fetched.

[Anonymous]

Anonymous wrote:OP here. Just had some time to kill and wanted to see how DCUM would react. Nice fun!

LOL, nice try. OP is lucky to be in such a situation. Hopefully the rest of the money can be set aside into a trust to educate future generations!

[Anonymous]

Anonymous wrote:OP here. Just had some time to kill and wanted to see how DCUM would react. Nice fun!

It’s a gas to be an adult and ask for advice about fake scenarios.