<prompt> Human: Recently had a dear friend unexpectedly die who left behind an 8 year old son. I would like to set aside some money in an account that would be locked up and potentially grow until he is 18 or 21. I would like to find out the easiest and most cost effective way to set this up. All parties are US citizens. Thanks In AdvanceAdding: I would love to spend time in person there but I live overseas from he and his mother but I think there will be plenty of people to provide a support system in that manner ie life lessons, advice, etcMy idea was more just a financial gift that would be there to honor the memory of his father. I am thinking maybe a few thousand dollars and just have it in his name but unable to be used until a certain age.  <response>: Read the FAFSA website. Providing money that he receives at 18 or 21 lowers the amount he can receive from college financial aid sources, either free or lower-interest. Circumstances vary, but you run the risk of disqualifying him from free aid.You can support him other ways financially like funding summer instructional camps programming, etc., tutoring, or just keeping his laptop and smart phone current each year. 