Aunt Emma passed away and the family is together listening to the reading of her will. Sheila, a freshman in college, has just learned that she and her brothers (the younger brother is 10 and the older brother has just graduated from college and started his first job) will each receive $40,000. Sheila has expenses covered for her first year of school but not years 2-4.

What recommendations do you have for Sheila and her two brothers as to what accounts they should open?

1. How would you suggest Sheila use her inheritance to cover her tuition, room and board, books, and fees for the next three years?

2. What other suggestions do you have?