Welcome to the Jill on Money coronavirus market update. It is Tuesday, August 4th and gosh,

stormy, crazy, weather.

Yes, I know it's a perfect metaphor for where we are in the universe.

We are trying to help you through this period,

at least as it pertains to your money.

So if you've got a financial question, do send us an email.

Our email address is Ask Jill at Jill on Money.com. That's what Mike did and he writes, I watch you all the time when you come on CBS News and I appreciate your advice.

My question is regarding my grandchildren. My wife and I want to put money away for them so that when they are mature enough to know what to do with it, we can give it to them.

If we're gone by that time, their parents can give it to them.

I'd like to control the money as long as I am competent, and then if my competence fails or I pass away

control would be turned over to my wife or if she were to become incompetent or

passes away our child who is the parent of the grandchild would then have control.

It has to be in an account that is not taxed or an account that we can pay taxes on that would

not be tied to their annual income should they get a job

before they turn the money over to them.

I know it can be done with US savings bonds.

Earnings aren't what they used to be.

Are there other options?

Well look Mike, I don't know how much money you want to do,

but you can just open an account in your own names

and then make your grandchildren

the beneficiaries of these accounts.

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