Ask HN: How to structure a corporation for newborn child?

I have a newborn son. I also have several side projects, some of them with prospects of generating some cash. I would like this money to help my son in the future (college fund, small stipend, etc). I would also like to limit his liability in case things go south, and of course to minimize our tax burden. What would be the best way to structure a corporation to meet these goals?

Currently I'm planning to create an LLC on his name, with his parents (my wife and myself) as administrators. Is this something other HN readers have done, or considered in the past?