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Central Arkansas | Our kids worked on the farm for wages, but we gave them a bonus in the form of bushels of soybeans which they sold and went into a custodial mutual fund account. There was a dollar amount limit that you could gift to kids without them paying taxes on it, so if you've got 15 years, you should have time to get one started. One drawback is that assets held in kid's names really count against them if they ever apply for aid--the college figures that 100% of that is available for their education, while a much lower percent of assets in your name are available. We never qualified anyway, but the kids did get some merit based scholarships for high ACT scores and academic achievement. | |
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