Blind Trust Fund For College Students
Description
How to fill out Blind Trust Agreement For Private Individual As Opposed To Government?
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FAQ
Almost all trust funds are counted in the financial aid process, often as an asset of the child. This leads to a high impact on eligibility for need-based financial aid. If the trust fund document restricted the beneficiary's access to the principal, the trust fund will affect aid eligibility every year.
The grantor usually does not have tax liability for the income generated within the trust. However, the trust may be subject to income tax, and distributions to beneficiaries may also be taxed.
The trustee of a college trust fund may be directed to use trust income to pay tuition expenses directly to the school and to pay or reimburse the beneficiary for college living expenses. Distributions also might be scheduled upon attainment of a specified age or a particular event.
One disadvantage of blind trusts is that they can be challenging to set up. The grantor must have complete confidence in the trustee and be willing to give up control over the assets. Another disadvantage is that the grantor may not be able to change the terms of the trust once it has been established.
How to Set Up a Blind Trust Gather the documentation for the assets that you want put into the blind trust. ... Appoint a trustee. ... Create the trust agreement. ... Sign the trust and have it notarized, taking care to follow any recording laws that your state has. Officially transfer the relevant assets into the trust.