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What is an education trust?

An Education Trust is an Irrevocable Trust designed specifically to pay for education expenses. Though there are many variations, an Education Trust typically requires that trust assets be applied only towards a beneficiary's tuition.

How do school academy trusts work?

Academy trusts are not-for-profit companies. They employ the staff and have trustees who are responsible for the performance of the academies in the trust. Trusts might run a single academy or a group of academies.

What is the main aim of the trust?

The general purpose of any trust is to manage and preserve property (typically money) for the benefit of one or more persons. However, a trust is usually set up for a special purpose that meets your specific needs or the needs of your beneficiaries.

Who founded the Education Trust?

Education Trust is an education advocacy group founded by Kati Haycock in 1996. It advocates primarily for closing the achievement gap. This 501(c)(3) organization maintains an office in Washington, D.C.

What is an educational nonprofit organization?

A 501(c)(3) educational organization is a nonprofit business that has a mission to inform and educate individuals or the general public. This category may include kindergartens, trade schools, public or private universities, colleges, museums, planetariums and more.

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How are education trusts funded?

Each trust school is a foundation school supported by a charitable foundation or trust, which appoints governors to the school's governing body. They are funded in exactly the same way as other local authority maintained schools. A trust school employs its own staff, and manages its own land and assets.

What is the purpose of an education trust?

An education trust allows you to gift property to your child to be used for education purposes. This is a very flexible way to invest in your child's education, as you can set up a trust using property or funds to benefit your child in the future.

What is the educational trust?

An educational trust specifies that trust funds are to be used for education. In the trust document, the grantor names a trustee and beneficiaries, and also states how trust money is to be used.

What does an education trust do?

Educational trusts allow you to ring-fence funds for a specific purpose and minimise your tax bill. Money invested into these trusts are removed from your estate for Inheritance Tax purposes. They also don't count as part of your estate in potential future problems, such as a divorce.

How is TETFund funded?

TETFund is majorly funded by the two per cent education tax paid from the assessable profit of companies registered in Nigeria.

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