Latest articles by Denise McClain, JD, CPA
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How an Irrevocable Trust Could Pay for Education
An education trust can be set up for one person or multiple people, and the trust maker decides how the money should be used and at what age.
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UTMA: A Flexible Alternative for Education Expenses and More
This custodial account can be used to pay for anything once the beneficiary is considered an adult in their state. There are some considerations, though.
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Coverdell Education Savings Accounts: A Deep Dive
While there are some limitations on income and contributions, as well as other restrictions, a Coverdell can be a bit more flexible than a 529 plan.
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529 Plans: A Powerful Way to Tackle Rising Education Costs
Contributions to 529 plans grow tax-free and are not taxed when they are used to pay for qualified educational expenses for the beneficiary.
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Direct Tuition Payments: A Tax-Efficient Way to Pay for School
If you pay tuition for someone else directly to a college, graduate school, preschool or private school, that money is not subject to the gift tax.
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Choosing Your Trustee: These Are the Common Options
A friend or family member with some financial acumen might be your go-to choice, but there are some disadvantages to consider. There are also other options.
