Education Wills, Trusts, & Estate Planning

Read need-to-know updates, commentary, and analysis on Education issues written by leading professionals.
News & Analysis as of

Prepaying Tuition Payments To Qualified Educational Organizations

It is becoming more common for wealthy individuals to prepay the tuition expenses (which do not include books, supplies, dormitory fees, board or other similar expenses), on an annual basis or for multiple years, for family...more

Extra-long twin sheets, emergency credit card, and… Advance Directive and Power of Attorney (!?)

As you pack up extra-long twin sheets and the emergency credit card for your college-bound child, don’t forget to pack her legal documents. Though your high school graduate doesn’t seem too independent while you are still...more

The ABLE account: A good alternative to a special needs trust?

Late last year, Congress passed, and the President signed, the Achieving a Better Life Experience (ABLE) Act. The act authorizes a new, tax-advantaged savings account, modeled after the Section 529 college savings account,...more

Special Needs Trusts and Financial Aid: What Should Applicants Do?

Out of all of the stress-inducing steps in the college application process, the financial aid application may be the most confusing and stressful of all, especially when an applicant can't afford to attend college without...more

Does the trustee who socially invests entrusted funds breach his/her/its fiduciary duty of undivided loyalty, absent express...

On February 8, 2015, The University of California Student Association [which purports to represent all 240,000 students enrolled in the UC system’s 10 campuses] passed [9-1-5] the following resolution, which, in part, calls...more

And They’re Off!! The Maryland Legislative Session Has Begun

Maryland has begun its legislative session and PK Law is monitoring bills of interest. Bear in mind that the session is early on and many changes may take place during the 90 days the General Assembly is seated. Here are...more

Saving for college is also good for your estate plan

A 529 plan is one of the most powerful and flexible tools available for college savings, but it also provides some unique estate planning benefits. This article explains how 529 plans work for savings purposes, but also notes...more

The Woodward Case: Guidance to Trustees on Their Duties Under the Massachusetts Prudent Investor Act

The Massachusetts Supreme Judicial Court recently ruled that, with few exceptions, trustees have a duty to invest with inflation in mind. While not required to follow an investment advisor’s guidance, they can’t ignore the...more

Thanks, Grandma and Grandpa! 3 estate-planning-friendly strategies to pay for a grandchild’s college education

It’s no secret that the cost of a college education continues to soar. But this article offers three options to help one’s grandchildren deal with this burden while saving gift and estate taxes: direct tuition payments to the...more

529 Plans–Not Always The Best Alternative

Section 529 plans offer many advantages in regard to funding education....more

Has Your Estate Plan Aged as Gracefully as You?

If more than a few years have passed since you created your will or trust, changes in circumstances might dictate a change in plan...more

Nowadays a Practicing Lawyer’s First Serious Exposure to Critical Unjust Enrichment Doctrine is Likely to be After Law School, Too...

This modified excerpt from Loring and Rounds: A Trustee’s Handbook (2013) is a primer on the wrong of Unjust Enrichment and its principal remedy, Restitution. Unjust enrichment doctrine is very much alive and well in the real...more

Illinois Supreme Court Announces Anticipated Filing Dates for January and February

The Illinois Supreme Court has announced its anticipated filing dates for January and February. Opinions are expected on Friday, January 25; Thursday, February 7; and Friday, February 22. Decisions on petitions for rehearing...more

I Won My Lawsuit - Am I Going To Be Taxed On My Settlement?

Guest Blogger and Tax Expert Stephen D. Kraft, CPA Explains The IRS Tax Issues of Personal Injury Settlements...more

Don’t Leave Your Loved Ones Paying For Your Education

There may be nothing further from a young and healthy new graduate’s mind than premature death. However, in the event the unthinkable happens, there is a very real risk that loved ones may be responsible to repay outstanding...more

Articles Of Incorporation Sample

Articles of Incorporation Sample...more

Planning For College - 529 Accounts

If you have a child (or a grandchild) who is going to attend college in the future, you have probably heard about qualified tuition programs, also known as 529 plans (for the Internal Revenue Code section that provides for...more

High Net Worth Advanced Planning Case Study

Many times clients come to us with complex planning issues that we would like to solve for. Here is a good example of how one couple achieved their goals and objectives through advanced planning using a well thought out...more

Section 529 Plans - Qualified Tuition Program: COLLEGE SAVINGS PLANS THAT THE IRS EMBRACES

As higher education costs continue to escalate, parents or grandparents may look to different savings vehicles for their children’s college fund. The IRS, under section 529, provides parents with the opportunity for a higher...more

Estate Planning for Grandparents

The tax laws provide many opportunities for grandparents to provide for their grandkids' financial, educational and other needs. If you have grandchildren, or anticipate their arrival, providing for their future security may...more

Regression Models and Discount for lack of Marketability

Recent publication of the Discount for Lack of Marketability(DLOM) Job aid for IRS Valuation Professionals has brought fresh scrutiny to the various methods used by valuation practitioners for determining discount for lack of...more

Important Tax Provisions Expire This Year

In a January 2011 article we addressed the changes to the gift and estate tax provisions contained in the Tax Relief Act. In this article, we cover some of the new law’s personal income tax planning opportunities....more

Girl with the Dragon Tattoo” Author Died with an Invalid Will

Unless you don’t watch TV or use the Internet, you have probably heard of the popular movie and book, “The Girl with the Dragon Tattoo,” written by a Swedish investigative journalist, Stieg Larsson - This is an interesting...more

The 2010 Tax Relief Act and How it Affects 2012

In a January 2011 article we addressed the changes to the gift and estate tax provisions contained in the 2010 Tax Relief Act. Everything may change at the end of 2012 so it is more important than ever to take a look at...more

Reliving the 200-year Saga of Benjamin Franklin’s Massachusetts Trust

Next year, 2013, marks the 20th anniversary of the judicial/political resolution of the final controversy over the administration and disposition of a certain Massachusetts-sited trust established under the will of Benjamin...more

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