Hi, I'm looking for a model for my son's education trust. we need items like how much to allow per month for different items like school, living expenses, transportation, etc. I'm unable to open your form.
Sorry about the form, I'll have our computer guru look into it. Before you set up a trust for your son's education, consider ALL the options:
Now for your questions -- its usually a mistake to draft a trust with specific amounts allowed for living expenses, etc. No one knows what the future holds. Too many "what if's". Much better approach -- use broader and more flexible standards. Most if not all children's trusts are irrevocable (can't change) so you need flexibility.
See Shenkman "Complete Book of Trusts" 3rd ed. from John Wiley for detailed discussion of children's trusts.
Finally, before you jump consider the impact of each possible approach on financial assistance programs.
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