Menu ${site.data.firmName}${SEMFirmNameAlt}${site.data.firmName}${SEMFirmNameAlt}
Practice Areas
Let's Get Started!

Educational trusts and the student debt crisis

You're thinking about how your assets can do the most good for your family. While estate planning is about getting everything in order, legally speaking, you know that it's also a chance to help them plan for their future.

One option you may want to consider is making educational trusts for your heirs who still need to go to college. Depending on your own age, this could mean children or grandchildren. An educational trust protects the money from frivolous spending and sets it aside for direct educational costs.

Why does this matter? One clear reason is that you may worry about the way they'd choose to use that money if you just left it to them directly. A trust of any kind allows you to decide.

Another reason to think about is the student loan crisis. Recent reports from Forbes claim that American students owe $1.5 trillion, and there are 44 million people holding that collective debt. This is the highest that the student loan debt has ever been. The average debt for those who graduated in 2017 sits at a cool $28,650.

The reasons for the increasing debt are many. For one thing, many young people simply assume they'll go to school and they don't worry about the loans at the time. On top of that, tuition prices keep climbing, and they keep taking out more loans to cover the cost.

As you can see, students need financial help, and you may be able to use a trust to give it to them. Be sure you know exactly what legal steps to take when creating the trust so that the money gets used properly.

No Comments

Leave a comment
Comment Information

Serving businesses and individuals throughout Massachusetts

Waltham Office
375 Totten Pond Road
Suite 200
Waltham, MA 02451

Waltham Law Office Map

Braintree Office
25 Braintree Hill Office Park
Suite 406
Braintree, MA 02184

Phone: 617-523-1555
Braintree Law Office Map

Cranston Office
200 Midway Road
Suite 159
Cranston, RI 02920

Cranston Law Office Map

Hyannis Office
1330 Phinney’s Lane
Hyannis, MA 02601

Hyannis Law Office Map

Norwood Office
520 Providence Highway
Suite 10
Norwood, MA 02062

Norwood Law Office Map

Westborough Office
276 Turnpike Road
Suite 228
Westborough, MA 01581

Westborough Law Office Map

Woburn Office
444 Washington Street
Suite 203
Woburn, MA 01801

Woburn Law Office Map