QUESTION
Which should I open to support school: Trust Fund or 403b?
Asked on Sep 03rd, 2013 on Trusts and Estates - New Jersey
More details to this question:
I'm an alum of a private school, and am looking to set up an alumni trust fund (or 403b) so that alumni can support the school (a non-profit) as one entity, and have more of a voice. Should we open a Trust Fund or a 403b? (or some other option?)
1 ANSWER
2 Awards
I don't think a 403(b) would work for you. If you do a trust - you can specify what the funds are to be used for, who the trustee will be, conditions of payment, etc. Donations to the fund can still be tax deductible, but you would have more control.
Answered on Sep 05th, 2013 at 10:57 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship