You might want to look into putting some of that money into a 529 plan; that allows the kid to pay for college without paying taxes on the gains. It's a risk i

You might want to look into putting some of that money into a 529 plan; that allows the kid to pay for college without paying taxes on the gains. It's a risk if the kid doesn't end up going to college; you end up paying, I think, regular taxes on the earnings plus like 10% penalty. Still, 17 years of tax free growth would be a pretty good reward if the kid does go to school.