Pot Trusts

Paying Grandkids' College Bill in the WSJ includes a plug for "pot trusts" from estate planner Jessica Galligan Goldsmith:

… Ms. Goldsmith is seeing more grandparents turning their attention to college funding for grandchildren who are mere toddlers—or who aren't even born yet. In that case, trusts earmarked for education expenses may better meet a family's goals, she says, since the grandchildren may not reach college age until after the grandparents die. 

In families with multiple grandchildren and the potential for more, Ms. Goldsmith often recommends setting up a "pot trust," or dynasty trust, which names all of the grandchildren, including any future babies, as beneficiaries. The length of such a trust varies by state but generally can serve at least a few generations of college students.

(Yes, Boomers, your kids are lucky that God invented grandparents.)