Paying For College & Avoiding Estate Taxes
November 2, 2009 – 5:09 amToday I came across a bit of information that I had not heard before. According to Ric Edelman in his book “The Lies About Money“, he mentioned that there is no gift tax limit when you make a check payable to an institution (like a college). I’m no estate tax attorney, so please verify this information before giving it a try.
I think it’s an interesting idea though. This means that when I’m old and famous (and perhaps wealthy) I’ll be able to write a check to help pay for my kids or grandkids college without having to worry about gift tax coming into affect. At the rate college costs are rising, the current $12,000 per year per person limit won’t even cover textbooks by the time I have kids in school!
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