Establishing A Trust Fund
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Stacey Said:
Setting up a college trust fund for a family member?We Answered:
Consider a 529 college savings plan. Tax deferred contributions and withdrawals are tax-free for education expenses. Only account of its kind.http://individual.troweprice.com/public/…
Jorge Said:
When a trust fund has been set up can you contribute at anytime or is it only for a certain amount of time?We Answered:
You can contribute to the trust fund as often as you wish. If it is a private fund, if your contribution exceeds $12,,000 in a year, you have to pay gift tax. If the trust fund is qualified as a charitable organization, you can contribute as much as you want as often as you want and your contribution is tax deductible.Francisco Said:
If a college trust fund was established for a child, does that fund become legally theirs at age 18?We Answered:
Yes.Jesus Said:
How do I find out about a trust fund account established when I was a child?We Answered:
contact the bank and ask for the trustee. you could be sitting on a goldmine! the only thing is that this trust is soooo old, you better hope that it's still accounted for in the bank's computer system. it should be. but you never know. the bank could've made 'reasonable efforts' to contact you, and then after some years given up and liquidated the trust or something wacky like that..Wayne Said:
Can i create a trust fund for someone and give it to them before i die?We Answered:
This can be done, but if it involves a significant amount of money, please don't try to do it without professional help. See an attorney. Trusts are complicated, and the laws vary from state to state. The form trusts that you might buy for estate plans are not designed for your purpose.bryanna g is incorrect in so many ways that it is painful.
Dave Said:
how do you establish a trust fund?We Answered:
It's a matter of paperwork to create the legal entity that is the trust. You really need a lawyer to do it right, because all kinds of conditions must be specified -- revocable, irrevocable, beneficiaries, trustees, successor trustees, who gets what when, etc. Then, you can assign any assets you want to the trust. If you already have a pile of money sitting around, your banker will probably be happy to set one up for you.