Education Trusts
What is an Education Trust?
An Education Trust is an Irrevocable Trust designed specifically to pay for education expenses. Though there are many variations, an Education Trust typically requires that trust assets be applied only towards a beneficiary’s tuition.
What is the Purpose of an Education Trust?
Because education costs place a significant burden on a family, providing a child with the means to avoid having to save college expenses is a welcome gift. The Grantor can feel better knowing that an inheritance is not used on a quickly forgotten vacation or car, but is instead used to provide an education for a grandchild or great-grandchild.
What are the Advantages of an Education Trust?
- Knowing an inheritance is used for a useful purpose.
- Releasing a child from the burden of saving for his children’s education.
- Releasing a Grandchild or more remote descendant from the burden of college debt.
- Sheltering assets from being used wastefully.
- Knowing that for many years you are remembered fondly (and many a beer raised to toast your memory).
What are the Disadvantages of an Education Trust?
- Trust funds are limited to only Education.
- An effort is required to structure the trust, so the rules are followed, and funds are readily available for only the authorized education expenses.
Reasonable Prices | Years of Experience | We Make Trusts and Estate Planning Easier
Is an Education Trust right for you? If you have any questions about Education Trusts or any other estate planning topics, please contact our office to schedule a free consultation. For more than two decades Klenk Law has focused only on Estate Law. We’ve seen it all, and this experience allows us to explain complex estate planning techniques clearly and concisely. We make it easy for you to understand Education Trusts so you can make the best decisions for yourself and your family.
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Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
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