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KS_HasRead t1_j2f5bvr wrote

529s are great. People think of them as being for college only, but they can be used for so much more than that. Any qualifying program including training in a trade. And it also can pay for qualifying housing while studying and tools needed to study... like a laptop. Or if the kid goes into a trade, it can pay for all the tools they'll need to get started.

We also separately have a smaller irrevocable trust so that he can use it to have a downpayment on a home or some other major milestone when he's 30. They can get up to 15k a year avoiding gift taxes and exempt from estate tax.

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lolheisdead59 OP t1_j2fahfo wrote

In your experience, how expensive/involved is the process to establish a trust? Can I continually contribute to the trust?

I have done some research on trusts, but nobody in my family has any experience with such things. Thank you for your post!

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bravo-charlie-yankee t1_j2fbawq wrote

we went to estate attorney (Colorado) and it was a flat $1500 I believe. We have "a lot of assets" for our age so that may have made it more expensive as it wasn't completely boiler plate.

This was for living will, trust, power of attorneys (financial and medical), guardianship (should we both kick the bucket) etc.

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