Let's assume I have a million dollars to give away, and trusting it to my family isn't an option. Let's also assume that my family can't benefit from the gift (like giving it to an ivy league school in their names...).

I'd probably have to go with an endowment of some type. I know I encountered a lot of scholarships that had limiting factors, making the application process and scholarship search seem less than worthwhile. I don't want my money to go to someone just because she happened to go to my high school and thinks she wants to have the same major at the same college as me. Those kinds of limitations almost guarantee that the money won't find the individuals that truly need it.

I think the bigger question is who I would trust to hand out my money each year. I want to trust them enough that I can put very few limitations on the applicants, knowing that we're more likely to help the right people with a variety of applications flowing in all the time.

Good thing I don't plan on forming a foundation with my millions anytime soon, huh? I have a lot of thinking to do!