Provide Money for School by Creating an Educational Trust

If you wish to provide money to a family member's education, you may consider an educational trust. Under the IRS educational savings plan, you earn a tax credit for money you contribute to a qualified educational trust. Under Oklahoma, law you may also qualify for a voucher for money paid into a state educational trust fund. To find out more about a 529 college plan, call 405-840-1874 and speak to Oklahoma City attorney Donna J. Jackson, Attorney at Law, P.C. She represents people living in the cities of Edmond, Norman, Bethany, Piedmont, Yukon, Mustang, and El Reno.

Educational Trusts: An Oklahoma 529 college savings plan allows you to contribute money to a family member's educational expense. An educational trust provides gift-tax and estate-planning benefits. Earnings of the trust grow without tax liability and may be withdrawn without federal tax liability.

Things to consider when thinking about creating an educational trust are:

• Whether a trust is the best return on your investment
• Is a tax credit important for you to receive
• Do you have family members who are likely to attend an eligible school

There are alternative ways to provide money for someone's educational expenses besides an educational trust. To find out whether an educational trust is right for you, contact attorney Donna J. Jackson. Depending on the return on your investment from a 529 educational savings plans, you may consider a private trust.

Examples of alternative ways to give educational money are:

• Educational IRAs
• Gifts to minors
• Trusts

Speak to Donna J. Jackson, Attorney at Law, P.C. at 405-840-1874 about your educational trust. If you have questions, submit them and your contact information by filling out the attached contact us form.