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Has your ex filed anything in court to modify the child support amount?
Have you done so based on your reduction in income?
Is your ex aware of your inheritance?
Ok, then this could be a situation where the two factors end up offsetting each other... You would be entitled to a reduction in your support obligation based on your "changed circumstances" but an inheritance would then tip the scale the other way because any change in your financial situation to the better could justify an increase. So since this was a one time inheritance, and you apparently have been paying support based on your old income of $200K a year, a judge would likely just leave it where it is or even lower it a bit if your ex filed a motion to modify and you then asked to have it reduced..
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I very much doubt it that a judge would make you pay for college if it isn't already in the order. The judge can order it, but normally does so in the initial order for support. Considering your reduced income, if the judge hasn't already ordered it, then it is unlikely he would do so now.
As for putting the money somewhere, that wouldn't protect it from the judge's orders as he would just potentially bump up the amount for support based on you having that asset at one time. He doesn't care that you put it in a trust, or gifted it to someone, or paid down a mortgage with it. That is assuming that he made an upward revision, which I think is unlikely.
Your best argument is that you have been paying a support amount based on a $200K income for XX years, but haven't earned $200K in YY years so you have actually been overpaying since your income has dropped substantially over the years..
Ok, then you would want to respond to any modification request by asking for a reduction in your college obligation based on a "change in circumstances" due to the lower income. The inheritance is a one time receipt, but the support obligation has basically increased as a percentage of your income due to your earnings being lower. So an equitable offset would be that you get college reduced to 50% or so, rather than having to pay the lion's share...