Legal Question in Tax Law in Washington
establish a scholarship
What are the steps I need to take to set up a local scholarship fund that is tax deductible?
Asked on 2/16/07, 1:58 pm
1 Answer from Attorneys
Kreig Mitchell
Law Office of Kreig Mitchell LLC
Re: establish a scholarship
It depends on what you are wanting to accomplish.
Your local schools and/or community foundation may already have scholarship funds set up to which you can contribute and have some say in where the funds go (e.g., to low income students, minority students, etc.).
Other possibilities include making individual gifts payable directly to the instutution on behalf of the student or setting up a private foundation.
These are just the most basic options. There are more advanced planning opportunities available as well.
You should discuss this with your tax attorney.
Answered on 2/16/07, 2:04 pm