<p>Sadly one of CC's parents very recently lost their child.</p>
<p>We have a single child, now grown (?) at 25, working (sort of), good job and position.
However when he was in his teen years, I came to realize that no matter how smart parents can be, how smart the children may be, or how much $$ or lack of; Parents will have relative little future control. </p>
<p>We had setup an UGMA for DS at birth, which had grown to a considerable amount to cover his college costs. I realized that at 18 we could lose control of the funds and definitely must give control up at 21. Other tax advantaged programs for minors, Coverdales and 529s have the + and - and have similar issues. </p>
<p>I came to the conclusion, without consenting with DW, that various personal insurances should be established on DS. I may not be able to prevent bad choices but I could prevent other parents from anguish. </p>
<p>There is no good way to express the sorrow of parents who lost a child. The next good option is to place "insurance' on the child when you still have some control of the situation.
Costs are minimal but time window is closing for those who will have children go out-of-state schools or work.</p>