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  1. #1
    Guest
    I know I'll have to talk to an attorney eventually but was just curious if any of you had done anything similar and had some free info:

    I want to create a few new sites with all the proceeds from it paying directly to or into an account for my son's college fund. I'm not sure if there is a way to set this up to postpone paying taxes - like a living trust or something.

    I thought maybe somebody here may have done something similar with payments deposited into an IRA or similar type account.

    I appreciate any info.

  2. #2
    ABW Ambassador Packy's Avatar
    Join Date
    January 18th, 2005
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    MsMary, I think a financial advisor is who could probably help ya instead of an attorney. I use to be able to put away I think it was up to 15% of my income. I'm not sure what it is now though.

  3. #3
    ABW Ambassador
    Join Date
    January 18th, 2005
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    668
    Thanks Packy,

    Although if I set up some type of "trust" I think I'll have to pay an attorney to do it.

    But, a financial advisor could have a better idea.

  4. #4
    Newbie
    Join Date
    January 18th, 2005
    Posts
    11
    MsMarySunshine,

    It would also be a good idea to seek help from a tax accountant or CPA.

    Here is a link that you might want to look over:
    http://www.fool.com/money/allaboutiras/allaboutiras. htm?ref=LN


    Especially important from this article:

    "There are eight exceptions to the 10% penalty for IRA withdrawals prior to age 59 1/2. The early withdrawal penalty does not apply to distributions that:

    7. Are used to pay for the qualified expenses of higher education for the IRA owner and/or eligible family members."

    There has been a lot of policy changes lately because the IRS is encouraging investment in IRA's and 401k's due to the dying social security system. This is makes advice from a tax professional more important.

    Hope that helps.

    [ 12-04-2001: Message edited by: Lawrence ]

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