[WSBAPT] Est Planning for Minor

[Tom Stuen]

Paul:  She could fund a 529 account now and get tax free growth, name a
responsible family member to manage.  The college trust account would
affect federal grant eligibility and the FAFSA parental obligation, but
not most scholarships or the standard student loan.

                Tom

 

From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Paul Neumiller
Sent: Tuesday, July 22, 2014 12:13 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Est Planning for Minor

 

No sure how to handle this situation or if it can be done.  New estate
planning client (unmarried and no children) diagnosed with terminal
illness.   She wants to leave a certain money account to a 14 year old
niece to be used for college but doesn’t want the minor’s
(“money-grabbing”) mother to get access to the account.  She wants to
avoid probate (of course) so my usual testamentary trust for minors will
not work.  Client has a sister who is willing to be a trustee if we
establish a trust. Maybe the answer is just establish a trust now and fund
it with the money account.  

 

Any ideas out there?  Also, the client asks if the existence of the
“college trust account” will disqualify her niece for students loans and
scholarships.  

=======================

- To contact the list administrator, send a message to:
webmaster at wsbarppt.com

- To unsubscribe, send a new email addressed to: imail at lists.wsbarppt.com,
with the following in the body of the message: unsubscribe wsbapt - OR -
send a message to webmaster at wsbarppt.com asking that you be removed from
the wsbapt list.

Information provided on this list should not be considered legal advice.
As with all lists - let the reader beware! No warranties or
representations are made as to the accuracy of any information provided.
All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

=======================


- To contact the list administrator, send a message to:
webmaster at wsbarppt.com

- To unsubscribe, send a new email addressed to: imail at lists.wsbarppt.com,
with the following in the body of the message: unsubscribe wsbapt - OR -
send a message to webmaster at wsbarppt.com asking that you be removed from
the wsbapt list.

Information provided on this list should not be considered legal advice.
As with all lists - let the reader beware! No warranties or
representations are made as to the accuracy of any information provided.
All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

-------------- next part --------------
A non-text attachment was scrubbed...
Name: winmail.dat
Type: application/ms-tnef
Size: 6014 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20140722/0c070097/winmail.dat>