I see I was not sufficiently clear: when I said in my last post that I wanted to know what you thought about what kind of sedation I should use for a tooth extraction, what I MEANT was that I wanted you to all AGREE on ONE answer, to make things easier for ME.
Part of the issue is that none of us know what the actual alternative to the laughing gas is in this situation, and it makes a big difference. On the billing estimate it says “deep sedation / general anesthesia”—but those may be two different things that just happen to be on the same line of billing, and online searching shows me that both terms have varying meanings anyway, depending on which particular medications are used. Another difficulty is that we’re all so different in how much dental anxiety and dental pain we feel, and in the way medications affect us.
Let’s talk about college stuff some more, because that is increasingly on my mind and also because this way I have something to look back on when we are doing this same thing for William in two years.
One of our financial concerns is that we don’t want to end up paying pretty much all of Rob and William’s college expenses and then having nothing left for the three littler ones. (The worst will be poor Henry, who starts college two years after a pair of TWINS.) We want to divide what we can contribute EVENLY and FAIRLY (based on many, many factors, since they won’t all get the same scholarships to colleges that all cost the same amount). But colleges and financial aid care not one whit about fairness: if we have a savings account, they won’t let us divide it by five in anticipation (for all they know, none of the other four WILL go to college). We HAVE to pay out everything we have: they will feel sorry for poor Henry later, but they won’t let us budget for him now. We have an investment account my grandfather set up when Rob was born, to be used toward college; my grandfather put it in Rob’s name, but told me it was to be divided among any children we had. But because it’s in Rob’s name, it all counts as Rob’s for financial aid purposes; we MUST drain that account for Rob and CAN’T save four-fifths of it for the other kids.
We don’t really know how to handle this fairly or how to make it work; we’ll have to figure things out as we go. But what I DO know to do, in complicated situations like this, is keep DETAILED RECORDS: there are a lot of things that can be figured out LATER, as long as we know what we did THEN. So the minute we sent off the deposit to Rob’s chosen college (we’re not going to include application fees in this), I started a spreadsheet. I made it a Google Docs spreadsheet so that I could invite Paul and Rob to view it. It’s tentative because we haven’t had to use it much yet, but here are the column headings so far:
For Whom [this will be unnecessary if we make separate spreadsheets for each kid]
Notes, if any
So for example, when we paid the deposit with his college decision, I put in the date we paid it, and I put that Paul and I had paid it, and I put that it was for Rob, and I put the dollar amount, and I put that it was for registration; I didn’t have any notes. When we paid for the fall tuition/room/board/fees, I put the date, and then for “Who” I put “Grampa’s investment account,” and then I put how much and that it was for fall tuition/room/board/fees; under “Notes, if any,” I put “this account was intended to be divided evenly among all five children.” I don’t think we’re going to forget, but I want it all down: we basically took money out of the other four children’s savings, and used it to pay for Rob’s college.
We were not sure how to count scholarship funds. For now we put it in as Rob paying it, but we noted that it was scholarship funds, and which organizations gave him the scholarships.
[Edited to add: A lot of people are mentioning dividing my grandpa’s money into five 529 accounts, which is a great idea—but it isn’t enough money for that: we’ll use it up completely in Rob’s first year. Also, the financial aid eligibility forms take into account all money (including 529s) owned by all children in the family. This seems ridiculous to me: what business is it of THEIRS what Rob’s younger brother earned this summer?? But apparently it’s to prevent the exact clever idea some of you are having or are on the verge of having, which is that we could hide the family savings in an account in Henry’s name or whatever. Colleges are hip to that game.]