Educational Trusts
Many clients (parents and grandparents) are deeply concerned about the escalating costs of college and post-graduate education for family members, and how these costs may impact their overall financial and estate planning objectives. If you have college-bound children or grandchildren, you should be aware of planning technique that can pay for educational expenses, solve income tax issues, and provide an important piece of your estate plan.
In general, the approaches to fund college costs for family members revolve around the following estate planning techniques:
- Intervivos trusts established during a client’s lifetime, funded with annual exclusion amounts of up to $13,000 each year.
- Testmaentary trust established during death – funded by percentage of total assets or fixed dollar amount;
- Unlimited exclusion for gifts directly to school or medical providers;
- UTMA (“Uniform Transfer to Minor”) Accounts;
- College 529 Plans.
- Specialized Trusts
Attorney Robert J. Kolasa has significance experiences in establishing the above specialized educational trusts for family members. These trusts are specially drafted to taking into account the family’s particular financial and family needs. Why not provide for the younger generation to get a beneficial education and ensure that he or she becomes a productive member of society?
COMMON ESTATE PLANNING DOCUMENTS AND CONCERNS:
Living Trusts
Wills
Property POA
Health Care POA
Educational Trusts
Estate & Gift Taxes
Charitable Trusts
Foundations
