Las Vegas and Reno Education Trusts Attorney
Financing the education of your children or grandchildren can be one of the most significant gifts you can give, either at life or at death. An education allows your children or grandchildren to secure their futures and earning capacity. At Harriet H. Roland, P.C, we are experienced in assisting our clients by utilizing estate planning tools, such as 2503 (c) trusts, education trusts and "529" Higher Education Savings Plans, to secure the futures of their families.
When you want to make the best possible planning decisions, we can help you with establishing an education trust or a "529" Savings Planto secure the security of your children and grandchildren. Contact us to learn more about education trusts and other estate planning tools.
An education trust allows parents, grandparents, or others to establish a fund to finance the education of a child or young adult. In the establishment of an education trust, the money can only be utilized for the stated purpose of education. An education trust benefits its beneficiaries, but it can also be a favorable tax planning decision. Normally, for a gift to qualify for the annual gift tax exclusion, it must be a gift of a present interest, so gifts restricted for future occurrences won't qualify. However, Internal Revenue Code Section 2503(c ) provides the opportunity to use a trust provide of a child's education until that child turns 21. Other estate planning techniques, such as Window Trusts or Crummey Trusts, can be combined with the 2503 (c) trust to allow annual gifts to qualify for the exclusion after the child turns 21. To learn more about the tax planning benefits of an education trust, please contact our firm.
Another way to provide for a child's future education is through the Uniform Gifts to Minors Act (UGMA), or Uniform Transfer to Minor's Act (UTMA). A donor makes a life-time or testamentary gift to a custodian, who holds the funds for the benefit of the minor until the minor attains the age of majority, which is 18 in most states. Income on the money is taxed to the child, usually at a lower tax bracket. To remove the asset from the donor's taxable estate, someone other than the donor should be named as custodian.
Our estate planning attorneys are experienced with all of the following:
- Education trusts
- Estate tax planning
- Grandchildren's trusts
- Estate planning
- Estate administration
- Charitable Gift Planning
Contact us today to speak with an experienced Las Vegas attorney regarding your legal issue.
