| Scholarship for Grandson. |
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Mastac741
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 29 Dec 2005
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| Scholarship for Grandson. |
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I'd like to setup some sort of scholarship account in which I can make my own investments and make the interest tax free to pay for my grandson's medical school. I've looked into a Charitable trust, but it says that it must be the "benefit of the community and not an individual" to qualify. I've looked into a 529 savings plan, but I'm not sure if I'm allowed to make my own investments like I can with my 401k. Does anyone have any ideas of a way I can set this up so the interest I make on my own investments will be tax-free and can go towards my grandson's medical school books and tuition?
Thanks,
Mastac741
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Thu Dec 29, 2005 10:38 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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It really depends upon the 529 plan whether or not you can direct the investments. Go to www.savingforcollege.com and look over the various plans for options.
Hope this helps -
Jim Blankenship, CFP�, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
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Thu Jan 19, 2006 4:27 pm |
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