solved Part 1Qualified tuition programs under § 529 enjoy significant tax

Part 1Qualified tuition programs under § 529 enjoy significant tax advantages. Describe these advantages with regard to the:Federal Income TaxFederal Gift TaxFederal Estate TaxIn your analysis, provide an example of the income, estate or gift tax savings associated with a Qualified tuition programs under § 529 that estimates the savings for utilizing this tax planning technique. Note that you may need to make certain assumptions regarding your client’s income level and/or tax rate.Part 2A local bank has asked you to speak at its Building Personal Wealth Conference on the topic of: “What Should Your Trust Do for You?” Develop a summary of one function that a trust might be able to accomplish for an individual who has more than a modest level of financial resources. Your summary should include any benefits associated with a trust performing such a function.