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Private & Independent Schools
Reply to "In laws offered to pay for private. Crazy to turn them down?"
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[quote=Anonymous][quote=Anonymous]OP here. Offer is likely still there if we change our mind later, barring of course something horrible like them passing away. [b]They want to decrease their taxable estate so would be happy if we took them up on this at any point, [/b]I am guessing. I can ask about camp, good idea! Can also encourage them to add to the college fund, but they have already done that and not sure we need anymore. 9 year old already has over 300k in the account and with interest and the annual contributions DH and I put in, I am guessing we won't need anymore. [/quote] This means they are interested in at least transferring $19k per child x 2 each tax year to your children. If you don’t want to use that for private school now, you want to arrange for that money to go now into a 529 or trustee for college purposes. Talk to your accountant. [/quote]
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