Custodian of minor’s money.
I am custodian of life insurance funds set up for my grandson by his dad. He is 16 and living in Florida with his older siblings. What kind of account would be best to deposit these funds into for me to access for his needs. He is hoping to get baseball scholarships for college. Will this money keep him from getting scholarships?
Terry Says
Well, it all depends on how those accounts are titled. And yes, custodial accounts will weigh very heavily in any college financial aid formula. But having money in custodial accounts will not impact his chances for scholarships based on athletic ability, and not based on need.
You have been given quite a responsibility. And I think you could use some professional help. I wrote this column a while ago, but it will lead you to a professional college counselor who can guide you through these issues: https://www.terrysavage.com/college-counselors-can-help-legally/
