Or maybe you don't trust your own children with money. It's not unusual, and there's often good reason. But if you give funds to your children,the monies can become marital property and can go to your son-in-law if the couple divorces. The old remedy was a trust with your children or grandchildren as the beneficiaries. But there are costs associated with setting them up and with maintaining them. Since both costs are largely fixed,,trusts make more sense. If you have grandchildren who will be going to college, funding a 529 plan is a smart and cheap move. Someone's going to have to pay for college and the funds can't be touched by the parents. If your assets are substantial, discuss the issue with your financial advisor.
MESP - Michigan Education Savings Plan http://www.misaves.com