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"UTMA is a bad idea?"

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Maybe I made a mistake putting some stock in an UTMA account for the kids.

Susan Dynarski is a professor at Harvard's Kennedy School of Government who is critical of the financial aid process. She calculates that saving $1000 in a child's name for 18 years, instead of in your name, will lose you $1,881 in income taxes and financial aid.

A list of fee-only financial planners is at http://www.napfa.org

Also check out the site http://www.savingforcollege.com

posted by Richard Sprague at 7:27 PM on Dec 12, 2004

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