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[quote=Anonymous][quote]
Mine has one, they are 7 and it has $100,000, but it gets used for tuition. I have mixed feelings about it but it was related to estate planning and it's other family members' money, not mine. Everyone says they don't want it to pile up in case child is in some kind of precarious position at 21. But I worry about it some. I don't care if they blow it on something stupid, I'm just worried about them being in a mental health or substance abuse situation. But obviously I hope that won't be an issue.[/quote]

am in similar situation. my dad and stepmom, who are pretty secretive and controllig about money, made a big show out of "saving for kids college plus" and told us we didn't need to, and this was in lieu of an inheritance for us from them (we are financially fine, and this is fine and a really great idea--helps us save more for retirement instead of college). but they were also so secretive about it, never sharing how much and my stepmom is very unpredictable about these things. so I saved some money for college just in case it wasn't enough. Then they asked us to start paying the taxes on the accounts which is how we discovered they were utmas and not 529, as they had led us to believe. And we finally found out last year....Each kid has 300k plus in it. I feel really torn--i mean, its a ton of money and while I'm grateful, I'm also worried that my kids will have access to that at 18, and really wish they would have been willing to speak with us about it--but anyway, what's done is done. So now we are working to educate our kids on financial responsibility but I'm not sure its going to work with one of our kids. [/quote]

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