Is a gift made from an educational trust on behalf of a student considered income to the student? My uncle is paying for my children college. He set up an irrevocable spendthrift trust and makes payments from the trust to the university my kids attend.
Is the amount that my uncle pays the university considered income to my children? Do my children have to fill out a tax form to pay tax on it? They are both still in school and neither one of them have jobs. |